Medtronic Names New Chief Executive

GE Healthcare CEO Omar Ishrak will become chairman and CEO of Medtronic, Inc. in June. The announcement comes just days after the company stated that William A. Hawkins would be staying on longer than expected due to trouble securing a replacement.

“We are delighted to welcome Omar Ishrak as Medtronic’s chairman and CEO,” said Ken Powell, lead independent director of the Medtronic Board of Directors. “Omar is an enormously talented executive with a truly global perspective and a proven track record of driving innovation and growth in the medical technology industry.”

During Ishrak’s 16-year tenure with Chalfront, St. Giles, United Kingdom-headquartered GE Healthcare, he also served as senior vice president of GE Corporation and was a member of the GE Corporate Executive Council. The company experienced significant growth in clinical systems and ultrasound devices; revenues for the Clinical Systems Division almost doubled from 2004 to 2009, reaching approximately $5 billion. Revenues in the ultrasound business grew from $400 million in 1998 to $1.8 billion in 2010.

Ishrak, who is a member of the board at the Blood Center of Wisconsin and a member of the Health Leadership Council of the Save the Children Foundation, previously held senior and management roles at Philips Ultrasound, Diasonics Inc. and Elbit Ultrasound Group. He holds a bachelor of science degree and Ph.D. in electrical engineering from the University of London, King’s College.

“I am honored and excited to have the opportunity to lead Medtronic—a great company with a renowned, mission-based heritage of saving and improving lives,” Ishrak said. “I look forward to working with the Medtronic team to continue to advance the company as a global healthcare leader.”

GE stated that Tom Gentile, head of its aviation services division, will replace Ishrak.

Medtronic is based in Minneapolis, Minn. Ishrak’s first official day will be June 13.