Medtronic CEO Omar Ishrak to Retire
Posted on August 28, 2019 by Medtech[y] Staff
Medtronic (NYSE:MDT) today announced that Omar Ishrak, Medtronic’s Chairman and Chief Executive Officer (CEO), has announced his intention to retire as CEO on April 26, 2020, following the end of the company’s current fiscal year. As a result, the Medtronic Board of Directors announced key leadership appointments as part of its multi-year, leadership succession planning process, which will ensure a smooth and successful transition in leadership across the company.
Today Omar Ishrak @MedtronicCEO announced he will retire as CEO in April 2020. At that time, Ishrak will assume the role of Executive Chairman and Geoff Martha (@GeoffMartha) will succeed Ishrak as CEO. https://t.co/Zii5JsuNOl pic.twitter.com/nLn69eSu08— Medtronic (@Medtronic) August 28, 2019
The Board of Directors has unanimously appointed Geoff Martha, currently Executive Vice President (EVP) of the company’s Restorative Therapies Group (RTG), to assume the newly created role of Medtronic President and become a member of the Medtronic Board of Directors, effective November 1, 2019. Martha will succeed Ishrak as Medtronic CEO, effective April 27, 2020. As President, Martha will lead Medtronic’s operating groups and regions. Brett Wall, President of Medtronic’s Brain Therapies division, was appointed EVP and Group President of RTG, succeeding Martha, effective November 1, 2019.
At the start of Medtronic’s next fiscal year, on April 27, 2020, Ishrak will assume a new position of Executive Chairman, which will provide counsel and guidance to Medtronic’s leadership, oversee CEO succession, and drive the ongoing successful execution of Medtronic’s long-term strategic plan. These changes are designed to ensure a smooth transition, continuity of leadership and a continued focus on delivering Medtronic’s innovation strategy and financial performance.
The Medtronic Board of Directors unanimously appointed Geoff Martha (@GeoffMartha), currently EVP of Restorative Therapies Group to succeed Ishrak as CEO effective April 2020. https://t.co/WaXEYMUvA0 pic.twitter.com/Nv0pW9A43N— Medtronic (@Medtronic) August 28, 2019
“Today, we announced leadership changes that meet both the Board’s objective of executing a thoughtful leadership transition as well as my personal desire to begin transitioning my duties as CEO to a new leader coinciding with the start of our next fiscal year,” said Ishrak. “This plan and its timing enable Geoff and I to partner on achieving Medtronic’s key financial performance goals as well as delivering on our critical pipeline milestones, including several important product launches. Leading Medtronic as CEO is an honor and a privilege, and I know that Geoff is the right leader to take Medtronic to the next level of its growth and evolution. Geoff is a results-oriented, dynamic, and innovative business leader who is passionately committed to our Mission, the advancement of our growth strategy and the development and diversity of our people. I am confident he has the right track record, commitment, vision and judgment to lead our company.”
“As Omar approaches the company’s mandatory executive officer retirement of 65 years of age next year, we have ensured Medtronic has the right leadership at the right time to advance its Mission and deliver shareholder return through a seamless transition,” said
Scott Donnelly, Medtronic’s Lead Director, and Chairman, President and CEO of Textron, Inc. “The Board is extremely grateful to Omar for his outstanding leadership - as the company’s annual revenues have doubled and its market capitalization has increased by more than $100 billion during his tenure. We are confident Omar’s contributions to Medtronic will continue as Executive Chairman. The Board’s succession planning process prioritizes developing leaders from within the company, and we are pleased that we could advance Geoff and Brett for these roles. During his time at Medtronic, Geoff has demonstrated his unique ability to lead, innovate and drive results, and the Board has full confidence in him and his ability to take Medtronic into its next chapter of growth.”
Congrats to Omar Ishrak on great leadership of Medtronic for 9 yrs when he retires next April & to Geoff Martha as his successor. Omar has done amazing job building Medtronic globally, in introducing breakthrough medical therapies & Covidien acquisition. MDT stock +208 in 8 yrs.— Bill George (@Bill_George) August 28, 2019
“I’m humbled and grateful for the opportunity to lead such an amazing company,” said Martha. “Since coming to Medtronic, I have been deeply motivated and inspired by the company’s Mission, its people and its unique ability to create and commercialize technology that directly improves and saves people’s lives. I thank Omar and the entire Board for their vote of confidence in selecting me as President and as the company’s next CEO. I know that with the support and dedication of my Medtronic colleagues around the globe, we can continue to deliver new levels of performance for patients, customers and healthcare systems we serve – and for our shareholders and business partners.”