Medtronic Inc. CEO William Hawkins said in a note to employees Monday that the search for his replacement will extend into the Fridley company's current fiscal year, which began Sunday.
In December, Hawkins announced plans to retire at the end of the medical technology company's fiscal year, April 30, and said the company expected to name a replacement by then.
Hawkins said Monday that he will continue to serve as chairman and CEO until a replacement is named.
Hawkins said the company's board is making "excellent progress," but the search "takes time." He advised Medtronic's 40,000 employees worldwise to stay focused on the business.
Although Medtronic tends to groom its chief executives internally, the company has said it would look outside for Hawkins' replacement.
Wall Street analysts have said the change in Medtronic's upper management represents a significant transition for the $16 billion company and for a maturing medical technology industry.
A bioengineer who is a med-tech industry veteran, Hawkins became chief executive officer in August 2007 and chairman a year later, leading Medtronic through one of its most tumultuous periods.
Janet Moore • 612-673-7752
