Medtronic appoints new chairman and chief executive officer

Medtronic has announced the appointment of Omar Ishrak as the company's new chairman and chief executive officer (CEO).

Mr Ishrak is to join the company on June 13th from GE Healthcare, where he served as president and CEO of the GE Healthcare Systems division, as well as acting as a member of the GE corporate executive council.

He brings to the company a strong track record of success in the medical technology sector, having played a key role in GE Healthcare's growth over the last 16 years, as well as an informed international perspective.

The new CEO succeeds William Hawkins, who announced his decision to retire from Medtronic in December 2010.

Ken Powell, lead independent director of the Medtronic board of directors, said: "We are confident he has the leadership credentials and experience to move the company forward, advancing its position as the world leader in the development and application of medical technology."

Last month, the company announced a major new cross-disciplinary collaboration with Lilly over the development of a new therapy approach for Parkinson's disease.