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What: Boston Scientific (NYSE: BSX) dropped 11% in intraday trading today after announcing that its CEO plans to step down at the end of the year.

So what: Experienced industry veteran Ray Elliott was brought in as CEO from Zimmer Holdings (NYSE: ZMH) less than two years ago to turn Boston Scientific around after a series of product recalls and the troubled 2006 acquisition of Guidant. Elliott paid down debt, settled lawsuits, sold off a neurovascular business, and built a senior leadership team -- but failed to ignite growth.  

Now what: Elliott, 61, will help search for his replacement and remain on the board. He stated that the company is positioned for growth and much of the turnaround work will be complete by the time he departs at year-end. Boston Scientific will be competing for CEO talent with larger competitor Medtronic (NYSE: MDT), which adds to the uncertainty surrounding Elliott's unexpected departure.

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