Omar Ishrak has decided not to stand for re-election to Medtronic’s board of directors, which means the former CEO will separate from the medical device maker in December.
Under Ishrak’s tenure as CEO and chairman, from June 2011 to April 2020, Medtronic grew to become the largest pure-play medical device maker in the world, primarily through its transformative $49.9 billion acquisition of medical supplier Covidien five years ago.
Ishrak was approaching the mandatory retirement age of 65 for Medtronic chief executives when he stepped down from the role of CEO in April. Geoff Martha, a colleague of Ishrak’s from when they worked together at General Electric before Medtronic, succeeded him to become CEO.
When Martha became CEO, Ishrak received an additional position as executive chairman at Medtronic, which is run out of Fridley, to provide guidance to executives and drive “the ongoing successful execution of Medtronic’s long-term strategic plan,” the company said last year.
Ishrak was named board chairman of Intel Corp. in January.
On Tuesday, a Medtronic announcement said Ishrak will retire from his roles as executive chairman and from the board, effective Dec. 11.
“I am excited about the future of the company, and I am certain that under Geoff’s leadership and the collective guidance of the board of directors, Medtronic will reach new heights,” Ishrak said in the announcement.
Ishrak was one of the few CEOs of color at Minnesota-based public companies. Others include Gary Maharaj who has been president and CEO at Surmodics Inc. since 2010 and Subodh Kulkarni who has been president and CEO of CyberOptics Corp. since 2014.
More recently Randy Martinez was named the interim president and CEO at Eden Prairie-based MTS Systems in May; Nikhil Lalwani became president and CEO of Baudette-based pharmaceutical company ANI Pharmaceuticals on Sept. 8; and Felipe Athayde stepped into the president and CEO roles of hair-care company Regis Corp. on Oct. 5.
Includes reporting by Patrick Kennedy.