Ishrak’s Guy, Geoff Martha
Moving into the CEO position following Ishrak’s retirement will be Geoff Martha, currently executive vice president of Medtronic’s $8 billion Restorative Therapies Group, which includes devices used in the brain, nervous system, spine and elsewhere.
Medtronic’s board of directors appointed Martha, 49, to a newly created role of president, leading the company’s operating groups and regions and taking a seat on the board, effective November 1, 2019.
On April 27, the start of Medtronic’s 2021 fiscal year, Martha will become CEO while Ishrak will take on the job of executive chairman.
Like Ishrak, Martha has background with General Electric.
A Pittsburgh native, Martha graduated from Penn State in 1992 and went to work at General Electric, where he stayed for 19 years, including 15 years in GE’s financial-services division before becoming a managing director in GE Healthcare.
Ishrak was CEO of GE Healthcare Systems at the time, and when Ishrak came to Medtronic in June 2011, Martha followed him two months later.
What’s Next?
It is said he had one of the most difficult roles at Medtronic plc as the head of integration and global strategic planning. Martha led the January 2015 acquisition of Covidien, which was at the time the largest med-tech deal in the industry, after becoming chief integration officer for Medtronic in July 2014.
Most Wall Street’s analyst expect a smooth transition and no material change from Ishrak’s vision and direction. We agree.
One major strategic initiative still waits for Medtronic—pharmaceuticals.
We note that Syed Omar Ishrak, at the ripe old age of 65, will be staying at Medtronic as its new executive chairman.
The dynamic duo of Ishrak and Martha, it seems to us, will remain at Medtronic’s helm for years to come.
