Baxter International Inc. announced it has selected Chris Toth to be chief executive officer of the company's planned spinoff of its Renal Care and Acute Therapies businesses. Until the spinoff, which remains subject to satisfaction of customary conditions and is currently expected to occur by July 2024 or earlier, Mr. Toth will serve as executive vice president and group president, Kidney Care, and report to Baxter chairman, president and CEO, José (Joe) E. Almeida, effective June 1, 2023. As previously announced, Baxter intends to spin off its Renal Care and Acute Therapies businesses into an independent, publicly traded company (Kidney Co).

The new company will benefit from its existing leading product portfolio, geographically diverse footprint, and extensive commercial operations, as well as from robust service capabilities that support its therapies delivered in the home, clinic, and intensive care unit (ICU). As a standalone entity with its own investment priorities and enhanced management focus, Kidney Co should be better positioned to pursue growth opportunities and invest in innovation.