Buchanan To Quit As Smith & Nephew Chairman

By Mark Kleinman, City Editor

Sir John Buchanan is to step down as chairman of Smith & Nephew (S&N) next year as the maker of medical devices becomes the latest FTSE-100 company to hunt for fresh leadership.

Sky News understands that S&N is likely to announce Sir John's retirement alongside its third-quarter results on October 31, bringing the curtain down on his eight-year reign at the helm.

The company, which makes woundcare products as well as hip and knee replacements, is said by insiders to be close to identifying a successor to Sir John.

The search for a new chairman places S&N alongside GlaxoSmithKline, the pharmaceuticals group; Glencore Xstrata, the miner; Lloyds Banking Group; and WPP, the marketing services provider in a bracket of the UK's blue-chip companies which are looking for new boardroom leadership.

Sir John, a former BP executive who also chairs the microchip-manufacturer ARM Holdings, will leave S&N at its annual meeting next year, one source said on Friday.

The medical group has seen its shares record a 20% rise during the last year against an increase of 12% for the FTSE-100 index as a whole.

S&N declined to comment.

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