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Medical equipment manufacturer Smith & Nephew said that chief executive Namal Nawana was standing down at the end of October to 'pursue other opportunities outside of the UK'.
Nawana would be replaced by Roland Diggelmann, who joined the company's board as a non-executive director in March 2018 was most recently CEO of Roche Diagnostics.
Nawana would be employed and provide advice and assistance to Diggelmann in his new role until 31 December to help ensure a smooth transition.
'Namal has been instrumental in delivering on a critical phase of Smith & Nephew's development, accelerating revenue growth across franchises and geographies as well as improving profitability,' the company said.
'The new CEO and senior leadership team will now build on these strong foundations to further drive commercial execution and deliver on the company's strategic ambitions.'
Nawana said there was 'clear momentum behind our strategy laid out last year.'
'I am proud to be leaving Smith & Nephew in a strong position for the next phase of its development,' Nawana added.