Namal Nawana, the recently departed head of DePuySynthes Spine, has a new job as COO of Alere, Inc.
The Waltham, Massachusetts-based company founded in 2001, has about 11, 000 employees worldwide. The health management company’s products and services breadth ranges from lab-based diagnostics to in-home monitoring with a focus in the areas of cardiology, infectious disease, toxicology, diabetes, oncology and women’s health.
Nawana was replaced by Max Reinhard after being on the job since 2011 and going through the DePuy/Synthes merger. He was with Johnson & Johnson for 15 years.
He begins his new duties on December 30, 2012, and will assume responsibility for all commercial, R&D and operational functions, globally.
According to a company SEC filing, Nawana’s compensation will consist of an annualized salary of $800, 000, and he will be eligible for a salary review in April 2014. He will also be paid a $275, 000 sign-on bonus in February, 2013.
In the same week the announcement of Nawana’s hiring was made, the company also completed its offering of $450 million aggregate principal amount of senior notes.
The company will use the net proceeds finance a cash tender offer to repurchase senior notes due 2016, to repay all outstanding revolving borrowings under its credit agreement and for working capital and other general corporate purposes, including the financing of potential acquisitions or investments, stock repurchases and capital expenditures.
