Medtronic chairman and CEO Omar Ishrak is retiring in April 2020.
His retirement coincides with the end of the company’s current fiscal year. Ishrak joined Medtronic in 2011 after 16 years with General Electric.
Though he’s retiring as CEO, Ishrak will stay on board as executive chairman.
Geoff Martha is slated to take over as Medtronic's president.
In November, fellow GE vet Geoff Martha will take over as Medtronic’s president. Martha currently serves as executive VP of Medtronic’s restorative therapies group. (Brett Wall, president of Medtronic’s brain therapies division, will take over for Martha once he’s promoted.)
“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 news release issued Wednesday.
Next year, Ishrak will turn 65, which means he’s reached Medtronic’s mandatory executive officer retirement age.
In 2015, Twin Cities Business named Ishrak as “Person of the Year.” Ishrak is credited with helping the company expand into markets around the globe. Medtronic is headquartered in Dublin, Ireland, for tax purposes, but its executive offices remain in Fridley.