U.S. Markets open in 5 hrs 47 mins

Hologic CEO stepping down, MacMillan successor

BEDFORD, Mass. (AP) -- Former Stryker CEO Stephen MacMillan has been named to the top spot at Hologic and the medical device maker put two nominees of activist investor Carl Icahn on its board as part of a settlement Monday.

Jack Cumming, who took over as CEO in July after Robert Cascella resigned for personal reasons, will step down. Cumming led the Bedford, Mass., company from 2001 to November 2009. He was president from July 2001 to September 2003 and chairman from 2002 to 2007 and from 2008 to 2011.

Company shares rose more than 2 percent in premarket trading.

The appointments of Jonathan Christodoro and Samuel Merksamer expand Hologic's board to 11 directors, with 10 of them independent. Both are managing directors of Icahn Capital LP, an Icahn Enterprises subsidiary.

Last month Hologic Inc. adopted a shareholder rights plan. The plans — often referred to as a "poison pill" — allow existing shareholders to acquire more stock at a discounted rate and are typically used to discourage a takeover by an outside entity. They are designed to thwart anyone who buys a big chunk of its stock without board approval.

Icahn and his affiliates have about a 12.5 percent stake in Hologic. Icahn is an outspoken billionaire renowned for pouncing on out-of-favor stocks and tussling with company management over strategy.

Shares of Hologic gained 56 cents, or 2.5 percent, to $22.85 before the market open.