PLAINSBORO, N.J. (AP) -- Medical device maker Integra LifeSciences Holdings Corp. has named executive Peter Arduini its new CEO and created a position for him on the company's board, effective Jan. 3.
Arduini serves as the Plainsboro, N.J., company's president and chief operating officer and will replace CEO Stuart Essig, who will become executive chairman of Integra's board. Integra said Wednesday founder and board Chairman Richard Caruso will remain a company director.
Arduini, 47, joined Integra in November 2010. Before that, he served as president of medication delivery for Baxter Healthcare, a Baxter International business. He also has worked in management for General Electric Healthcare, Integra said.
Essig, 50, has served 14 years as Integra's CEO.
Integra shares dropped 39 cents to $30.87 in afternoon trading, while the Nasdaq exchange fell nearly 2 percent. The company's stock has fallen 35 percent since closing 2010 at $47.30.