Hill-Rom begins CEO search under succession plan

Hill-Rom begins CEO search as part of succession planning ahead of Soderberg's 2011 retirement

• On 5:19 pm EDT, Thursday September 17, 2009

BATESVILLE, Ind. (AP) -- Medical equipment supplier Hill-Rom Holdings Inc. said Thursday it has begun a chief executive search to plan for the retirement of current CEO Peter Soderberg.

When he joined the company in 2006, Soderberg made plans to formally retire in April 2011 at age 65.

The company's board has formed a search committee to identify a new CEO and retained executive recruiting firm Spencer Stuart to advise the board. Internal and external candidates will be considered.

Soderberg will remain president and CEO until a successor is named, which is anticipated to occur next year.

After the new CEO assumes responsibility, Soderberg will become chief innovation officer, working part-time and reporting to the new CEO.

Shares closed 14 cents lower at $23.21.