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Baxter: Inspire, fix or bust up; A look at the disparate businesses-and problems-that Kraemer's successor inherits.(News)
Crain's Chicago Business, February, 2004 by Klein, Sarah A.
Byline: SARAH A. KLEIN Financial fixer, scientific visionary or bust-up specialist? Baxter International Inc., whose CEO, Harry M. Jansen Kraemer Jr., quit last week, could use one of each as it searches for his successor. Its stock has plunged 50%, to the $29 range, from a March 2002 peak, and investors watched with dismay as Mr.
Kraemer repeatedly missed sales and profit projections. Some fast cost-cutting and financial discipline would reassure Wall Street. Last week came news of further job cuts-on top of 3,000 announced in July-and a charge of $200 million to $300 million to cover the latest restructuring. But Baxter badly needs a blockbuster product. Could a science-oriented CEO focus long-term research on more rewarding areas and teach Baxter to...
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