Boston Scientific Plunges As CEO Retires (BSX)

Shares of Boston Scientific BSX plunged intra-day on Tuesday on the announcement that the company's President and CEO Ray Elliott will retire as of December 31, 2011. Currently, BSX shares are down 10.38% to $6.91. "We believe we have accomplished a lot during my time here: a strengthened senior leadership team, a clear and executable strategic plan we call 'POWER,' a basis for success in Emerging Markets, a solidified balance sheet due to debt paydown and refinancing and much more," said Elliott. "And while the Company continues to evolve, we expect that much of the turnaround work will be complete by the end of the year. We believe we are well positioned for future growth. Therefore, I believe the time is right for someone new to take the reins, complete execution of that plan and take Boston Scientific to the next level and new heights."