Baxter (BAX) Announces CFO Transition, Maintains Outlook

Baxter International Inc. (NYSE: BAX), a global medtech leader, today announced the departure of executive vice president and chief financial officer (CFO) Jay Saccaro. Mr. Saccaro will leave Baxter at the end of May after 21 cumulative years with the company, including the past eight as CFO, to join a company in the healthcare industry.

Baxter has named Brian Stevens as acting CFO, effective May 31, 2023, while the company conducts its search to fill the role. Mr. Stevens joined Baxter in 2018 as senior vice president, chief accounting officer and controller, and will continue with these responsibilities in addition to serving as acting CFO. He joined Baxter from Groupon, where he most recently served as treasurer and chief accounting officer. Prior to Groupon, Mr. Stevens spent the majority of his career with KPMG, where he was most recently an audit partner.

“Jay has been an invaluable member of Baxter’s leadership team throughout his career,” said José (Joe) E. Almeida, chairman, president, and chief executive officer. “He’s been a true partner as CFO as we’ve worked to reposition and refocus our business. We thank Jay for all he has contributed and wish him the very best in his next role.”

“It has been a privilege to work at Baxter and help fulfill its mission,” said Saccaro. “I am confident that Brian’s significant leadership experience in finance and accounting roles and the deep understanding of our business he has built will position him well to take on the role of acting CFO after my departure.”

2023 Outlook

Baxter also today announced that, other than any financial impacts that result from the proposed divestiture of its BioPharma Solutions business (as announced on May 8, 2023), the company does not expect any changes to its financial guidance previously issued on April 27, 2023.

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