Global medical technology business Smith & Nephew has announced that Olivier Bohuon, its chief executive of seven years, will retire by the end of 2018.

The board has started the recruitment process, with Bohuon remaining in place until a successor is found and the transition process complete.

Bohuon commented: “Since I joined the company in 2011, we have transformed Smith & Nephew into a more focused, efficient and innovative business and I am proud of the value we have created for all of our stakeholders.

“Looking ahead to the next long-term phase of growth, I have decided to announce my retirement plans now, providing ample time to identify a successor and ensure a smooth transition.”

Chairman Roberto Quarta said: “On behalf of the board, I want to thank Olivier for his professional and personal commitment and dedication to Smith & Nephew during his tenure as our chief executive. Under Olivier’s leadership Smith & Nephew has undergone important and necessary change and is now a stronger company.”