Smith & Nephew drops 3.5% as finance chief quits

Smith & Nephew PLC (LSE:SN) shares fell 3.5% to 1,071.84p early on Wednesday after finance chief John Rogers stepped down from the medical technology company's board with immediate effect.

Rogers will officially leave his position as chief financial officer on 30 September as he takes up a new position in the US.

The FTSE 100 company said it had started a search for his successor.

Rogers' departure follows the publication of first-half results earlier this month and comes after three years at the company, during which it implemented plans to improve financial performance and shareholder returns.

Chief executive Deepak Nath said: "I would like to thank John for his many contributions over the last three years as we've delivered the 12-Point Plan, improved our financial performance and developed the RISE strategy."

Pierre Palassian, senior vice president of finance and group controller, will serve as interim chief financial officer until a permanent replacement is appointed.

Palassian joined S&N in 2017 and has previously led finance functions across several of its businesses, including global operations, research and development, wound management and sports medicine.

He previously held senior roles at AbbVie and Abbott Laboratories (NYSE:ABT).