Medtronic Chairman and CEO Omar Ishrak plans to retire as CEO at the end of the 2020 fiscal year.
Mr. Ishrak will continue in his current role until April 26, 2020, at which point he will become executive chairman of the company. In his new role, Mr. Ishrak will provide counsel and guidance to the company's leadership and oversee the CEO transition, which coincides with Medtronic's mandatory executive officer retirement at age 65.
During Mr. Ishrak's time as Chairman and CEO, Medtronic doubled annual revenues and increased market capitalization by more than $100 billion.
Executive Vice President of the Restorative Therapies Group Geoff Martha is expected to assume the CEO role at that time. He will become a member of the company's board of directors on Nov. 1. In the meantime, the board unanimously appointed Mr. Martha Medtronic President, a newly created role where he will lead the company's operating groups and regions.
"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," said Mr. Ishrak. "Geoff is a results-oriented, dynamic and innovative business leader who is passionate and committed to our mission: the advancement of our growth strategy and the development and diversity of our people."
Mr. Martha joined Medtronic in 2011 and under his leadership, the Restorative Therapies Group grew to have a record performance of $8 billion in revenues for the 2019 fiscal year. He also spent time as head of Medtronic corporate strategy and business development as well as chief integration officer for the Covidien integration. He is also committed to diversity within the company and sponsors the company's African Descent Network aimed at recruiting, engaging and retaining employees of African descent.
Medtronic Brain Therapies Division President Brett Wall was appointed executive vice president and group president of the Restorative Therapies Group to succeed Mr. Martha, effective Nov. 1. Mr. Wall has more than 25 years of experience in medical technology and joined Medtronic in 2015 as part of its Covidien acquisition.