JCI Johnson Controls International PLC

Baxter International Inc. is close to hiring José Almeida as its new chief executive, according to people familiar with the matter, tapping an energetic deal maker to run the maker of dialysis machines and medical products.

Mr. Almeida, who is 53 years old, was the chief executive of Covidien PLC until January when he completed the sale of the medical-supplies company. He is expected to be appointed Baxter's chief as soon as this week, two of these people said. Mr. Almeida didn't immediately respond to requests for comment.

The hiring of Mr. Almeida would culminate a monthslong search for a successor to Robert Parkinson, Jr., who has headed Baxter since 2004. Mr. Almeida's selection has been nudged along by several of Baxter's biggest shareholders, some of the people said.

The leadership change is a win for activist hedge fund Third Point LLC, which owns nearly 10% of Baxter. When the fund disclosed its stake in August, it said it was supportive of the CEO transition. Munib Islam, a Third Point partner, who was named last month to Baxter's board, is on the board committee overseeing the search.

Baxter is poised to choose an outsider as its next leader because there weren't any obvious internal prospects to succeed Mr. Parkinson, one person familiar with the company said.

Mr. Almeida, who goes by the nickname "Joe," would take the helm of Baxter in the wake of a major shift. The Deerfield, Ill.-based company spun off its biopharmaceuticals business in July, a move that leaves it focused on medical devices and technology.

Baxter, which has a market value of about $20 billion, sells kidney-dialysis machines, drug-delivery systems and operating-room drugs such as anesthesia. It still owns 19.5% of the new company, Baxalta Inc., which is facing an unwanted takeover bid from Shire PLC.

Mr. Almeida is no stranger to corporate slimdowns and reshufflings. A mechanical engineer by training, the Brazil native joined Covidien's predecessor, Tyco Healthcare, in 1995 as its director of manufacturing and corporate engineering. He stayed with Covidien when it was carved out of Tyco International Ltd. in 2007 via a three-way split, and later ran its medical-devices business unit before becoming CEO in 2011.

In four years at the helm, he separated Covidien's generic-drug unit and focused the company on medical devices and surgical tools. Covidien was acquired this January by Medtronic Inc. for nearly $50 billion in cash and stock, a deal that earned Mr. Almeida a payout of $54 million, according to a regulatory filing.

Mike Frazette, a former colleague of Mr. Almeida's at Tyco Health, described him as a "very results oriented and a high energy kind of guy."

Mr. Almeida wants to be a CEO again, because he relishes "the chance to really build something and to compete on a large scale," said Bill Hawkins, a longtime acquaintance who led Medtronic until 2011. "He has had the taste of success and wants to do it again."

While running Covidien, Mr. Almeida tapped into international expertise for research and development by building an R&D center in China, Mr. Hawkins recalled. "One of his hallmarks was the way he approached building a global enterprise and the willingness to take risks," Mr. Hawkins said.

Following Covidien's sale, Mr. Almeida was hired by Carlyle Group this May as an operating executive in the global health care group at the private-equity firm. He is currently a director at EMC Corp., Analog Devices Inc. and State Street Corp.

Write to Liz Hoffman at liz.hoffman@wsj.com and Joann S. Lublin at joann.lublin@wsj.com

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(END) Dow Jones Newswires

October 28, 2015 15:55 ET (19:55 GMT)

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