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Article: Baxter CEO Takes Responsibility for Company's Struggles, Resigns.
- Article from:
- Chicago Tribune (Chicago, IL)
- Article date:
- January 30, 2004
CopyrightCOPYRIGHT 2004 Chicago Tribune. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bruce Japsen
Jan. 30--In an unusually frank, public mea culpa, Baxter International Inc. chief executive Harry Kraemer said Thursday he is resigning from the struggling medical-products giant because "the buck stops with me."
Less than 72 hours after the company issued a statement saying Kraemer would step down, the 49-year-old CEO admitted on Thursday's earnings call to disappointing shareholders in what he described as a challenging 15 months marred by intense competition and pricing pressures for a key blood products group.
The turbulent period, punctuated by four reductions in profit guidance, damaged Kraemer's credibility with Wall ...