Medtronic CEO Omar Ishrak to assume new role; new top exec picked
Omar Ishrak, CEO and chairman of Medtronic, which has offices in Santa Rosa, will retire as CEO, effective April 26, 2020, the end of the global technology company’s fiscal year.
On the following day, he will become executive chairman, a newly created position, according to Minneapolis-based Medtronic, which made the announcement on Aug. 28. Geoff Martha, executive vice president and group president of the company’s Restorative Therapies Group (RTG), will succeed Ishrak as CEO. Brett Wall, president of Medtronic’s Brain Therapies division, will succeed Martha.
“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.
In his impending role, Ishrak will provide counsel and guidance to Medtronic’s leadership, oversee CEO succession, and drive the ongoing execution of Medtronic’s long-term strategic plan, the company said. Ishrak joined Medtronic in 2011.
“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.”