Cochlear's head of North America has been made CEO of the bionic ear company

Matthew Lloyd/Getty Images

Chris Smith, Cochlea’s president of North America operations and a ten year veteran of the acoustic implant group, has been appointed chief executive.

He replaces Dr Chris Roberts, who has been CEO since 2004. During that time cochlear implant sales have trebled and net profit quadrupled.

Cochlear shares closed yesterday at $87.46. Ten years ago they were trading at $31.61.

Smith says it’s a great honour. “Cochlear is an extraordinary company with a proud history,” he says. “Through the development and distribution of our innovative technology and passion and commitment of our employees, we are able to have a positive impact on many people‚Äôs lives every day.”

Outgoing CEO, Dr Roberts says the company is ideally placed to grow and continue bringing the gift of hearing to many more people around the world.

Smith, who takes up the new role in September, will be paid a base rate of $1.45 million plus long term incentives.

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