Medtronic CEO Omar Ishrak to retire next year

[August 28, 2019]  (Reuters) - Medical device maker Medtronic Plc <MDT.N> said on Wednesday Chief Executive Officer Omar Ishrak will retire at the end of the fiscal year ending April 26, 2020.

 Omar Ishrak, CEO of Medtronic, speaks during an IBM keynote address at the 2016 CES trade show in Las Vegas, Nevada, January 6, 2016. REUTERS/Steve Marcus

Geoff Martha, executive vice president of the company's restorative therapies group, will succeed Ishrak, the company said in a statement.

Martha joined Medtronic in 2011 and led the integration of Covidien into Medtronic as part of its $42.9 billion deal for the surgical devices maker in 2014.

Under him, Medtronic's restorative therapies group generated revenue of more than $8 billion for the device maker in 2019.

Ishrak, who will turn 65 next year, will continue to be the chairman of board, the company said.

Before joining Medtronic as CEO in 2011, Ishrak spent 16 years at General Electric Company.

(Reporting by Manas Mishra and Manojna Maddipatla in Bengaluru; Editing by Anil D'Silva and Arun Koyyur)

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