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Medtronic CEO Omar Ishrak to step down

Ishrak will move to a new role as Executive Chairman, to provide counsel and guidance to Medtronic's leadership, oversee CEO succession, and drive the ongoing succes
Credit: ASSOCIATED PRESS
Medtronic's Fridley campus- Stock Image

FRIDLEY, Minn. — A new chapter lays ahead for Medtronic after the announcement Wednesday that CEO Omar Ishrak will be retiring and leaving his leadership post in April of 2020. 

Along with the announcement of Ishrak's departure as CEO, the Medtronic Board of Directors unveiled key leadership appointments as part of a multi-year, leadership succession planning process, to enable a smooth and successful transition in leadership across the company. One of those appointments involves naming Geoff Martha, currently Executive Vice President (EVP) of the company's Restorative Therapies Group (RTG), to assume the newly created role of Medtronic President beginning November 1. He will officially succeed Ishrak as CEO April 27, 2020.  

Ishrak will move to a new role as Executive Chairman, to provide counsel and guidance to Medtronic's leadership, oversee CEO succession, and drive the ongoing successful execution of Medtronic's long-term strategic plan.

"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," Ishrak said in a prepared statement. 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."

"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."

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