Medtronic plc announced that Omar Ishrak has decided not to stand for re-election at the Annual General Meeting in December and will retire as Executive Chairman and Chairman of its Board of Directors effective December 11, 2020. Geoff Martha, Medtronic Chief Executive Officer, will succeed Ishrak as Chairman of the Board. Martha has served on the Board since November 2019 and has been CEO since April 2020. Ishrak has served as Chairman of the Board since joining Medtronic as CEO in June 2011. He retired as CEO in April 2020, and stayed on as Executive Chairman and Chairman of the Board to ensure a smooth leadership transition. On October 5, 2020, the Board (a) acknowledged Mr. Ishrak’s decision to retire and not stand for reelection to the Board at the 2020 AGM, accepted Mr. Ishrak’s resignation as Executive Chairman and Chairman of the Board of the Company effective immediately prior to the start of the 2020 AGM, appointed Geoffrey S. Martha, the Company’s Chief Executive Officer and a director, as the Chairman of the Board, effective immediately prior to the start of the 2020 AGM.
Medtronic plc is one of the world leaders in designing, manufacturing and marketing of medical equipment. Net sales break down by sector of activity as follows:
- general and minimally invasive surgery (28.8%): surgical equipment, intra-operative monitoring systems, ventilation systems, etc.;
- cardiac rhythm management (18.6%): implantable cardiac pacemakers, implantable defibrillators and automatic external defibrillators, cardiac ablation probes, etc.;
- vascular diseases and cardiac surgery (17.4%): coronary stents, endoprostheses for aortal pathologies, distal protection systems, catheters, heart valve prostheses, auto-transfusion equipment, cardiac ablation devices, etc.;
- spinal disorders (14.1%): spinal prostheses, disc prostheses, cerebral stimulation systems, bone graft technologies and mini-invasive spinal surgery, etc. The group also develops medical imagery-guided surgical navigation systems activity;
- neurovascular, ear, nose and throat (ENT) and pelvic diseases (8.2%);
- diabetes management (7.4%): internal and external glycemia monitoring systems and insulin pumps;
- neurological disorders (5.5%): neurostimulation and pumped medication administration products, diagnostic tools, etc.
Net sales are distributed geographically as follows: Ireland (0.3%), the United States (50.9%) and other (48.8%).