# Smith & Nephew Says It Rejected CEO Pick, Not J&J Deal. By John Kim Canonical URL: https://www.tokenpost.com/news/business/39796 Published: 2026-10-24T08:49:43.000Z Updated: 2026-10-24T08:49:43.000Z Section: Business > People familiar with the negotiations said J&J favored DePuy Synthes chief Namal Nawana, while Smith & Nephew backed CEO Deepak Nath. They described a proposed split giving J&J shareholders 50.1%. People familiar with the negotiations said discussions between Smith & Nephew and J&J to combine their orthopedics businesses ended over a CEO dispute, with the proposal valuing J&J’s hip and knee unit at up to $22 billion. J&J’s preferred leader was DePuy Synthes chief Namal Nawana, who previously led Smith & Nephew, while Smith & Nephew backed its CEO, Deepak Nath, for the top job, people familiar with the talks said. Smith & Nephew’s email said the company rejected the proposed appointment of a chief executive, ‘not the deal.’ The statement did not say whether negotiations continued or resumed. People familiar with the talks said the proposed ownership split would have given J&J shareholders 50.1% of the combined company. Smith & Nephew also considered a debt-funded dividend of about $10 billion to J&J, they said. J&J’s orthopedics business generated about $9.2 billion in fiscal 2024 sales. J&J plans to [separate DePuy Synthes as a standalone business](). On Oct. 13, J&J Chairman and CEO Joaquin Duato said the separation remained on track for mid-2027 and that the company was leaning toward a spin-off. “That has always been our base plan,” Duato said. ## Links in this article - [separate DePuy Synthes as a standalone business](https://www.tokenpost.com/news/business/31286)