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Edwards Says Mussallem to Retire as Chairman

Valeriani to take top role on board

Mike Mussallem, who built Irvine-based Edwards Lifesciences Corp. into a company worth $57 billion, is retiring as executive chairman, effective at the next shareholder meeting on May 7.

The manufacturer of heart stents expects to appoint Nicholas J. Valeriani, an independent director, to succeed Mussallem as chairman of the board.

Mussallem took over as CEO when Edwards was spun out of Baxter in 2000. Mussallem, who retired as CEO last year, had built the company to more than $6.5 billion in sales this year by providing innovative methods to insert stents into heart valves without open heart surgery.

Shares of Edwards today rose 1.9% to $95.15 and a $57 billion market cap.

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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