Medtronic's Omar Ishrak to retire as chairman: 6 things to know

Angie Stewart -  

Omar Ishrak, PhD, plans to retire as Medtronic's executive chairman and chairman of the board, the company announced Oct. 6.

Six things to know:

1. Effective Dec. 11, Dr. Ishrak's retirement marks the final phase of Medtronic's CEO transition plan.

2. Dr. Ishrak has served as Medtronic's board chairman since he joined the company as CEO in June 2011. He retired as CEO in April 2020 and was succeeded by Geoff Martha.

3. To ensure a smooth leadership transition, Dr. Ishrak stayed on as executive chairman and chairman of the board. Mr. Martha, who has served on Medtronic's board since November 2019, is now expected to succeed Dr. Ishrak as board chairman.

4. Dr. Ishrak will continue working to advance healthcare and technology innovation through the "many other organizations he serves," according to Mr. Martha. In January, the Intel board elected Dr. Ishrak as chairman.

5. During Dr. Ishrak's time at Medtronic, the company's annual revenues doubled, and its market capitalization increased by more than $100 billion. 

6. In a prepared statement, Dr. Ishrak said he is excited about Medtronic's future and "certain that under Geoff's leadership and the collective guidance of the board of directors, Medtronic will reach new heights."

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