Smith and Nephew Gets New Chairman

Smith & Nephew had a has named a new chairman for its board, whom The Telegraph refers to as a 'safe pair of hands.'Roberto Quarta, an industrialist, will step up as chairman next April. Quarta's succession in slated to come as Sir John Buchanan, the current chairman, steps down. Buchanan is likely to retire at Smith & Nephew's annual meeting. In the meantime, Quarta will join S&N as a nonexecutive director this December.As of now, Quarta serves as the chairman of IMI, an engineering firm that focuses on fluid dynamics. Quarta also serves as chairman of Rexel and private equity firm Dubilier & Rice Europe.In addition to this welcome news, Smith & Nephews' third quarter was promising. In total, Q3 yielded revenues of $1.03 billion. This represents a 5% year-over-year increase. In total, trading profits at the company increased 10% to $222 million. In part, many of these improved numbers come from the company's acquisition of Healthpoint Biotherapeutics in 2012 for $782 million. With this acquisition, the company as able to expand its would care product lines. According to Q3 results, $331 million were generated in Q3 from the company's Advanced Wound Management Segment.Knee and hip implants also improved in Q3. In total, hip implants rose 3%, followed by a jump of 2% for knee implants."Our markets remain tough, but through implementing strategic priorities we are meeting these challenges, investing where we see the greatest opportunities for growth, and successfully reshaping the Group for long-term success," noted Olivier Bohuon, CEO of S&N.