Medtronic (NYSE:MDT) today revealed the management team slated to lead the world’s largest medical device business after its $43 billion acquisition of Covidien (NYSE:COV).
Divided into 4 operating groups and 4 geographies, the new Medtronic will be led by current chairman & CEO Omar Ishrak, according to a press release.
Covidien’s Bryan Hanson will lead the Covidien group as president after the deal’s close, expected late this year or early next year. Medtronic’s Mike Coyle will stay on as president of the cardiac & vascular group, along with diabetes business president Hooman Hakami and restorative therapies president Chris O’Connell. Medtronic said it’s planning to integrate Covidien’s peripherals business into the CVG group under Coyle and to merge Covidien’s neurovascular segment into the RTG group under O’Connell.
"The planned acquisition of Covidien will greatly accelerate our joint vision to transform healthcare around the world, improving our ability to address the needs of more patients, in more ways, and in more places than ever before," Ishrak said in prepared remarks. "In the coming months, the new executive team will work together to assist the integration planning efforts, listening and learning from both companies, to build our combined strengths and craft our future plans as one company."
Medtronic said it will also organize around 4 geographies. Covidien emerging markets president Bob White will oversee the Asia-Pacific region based in Singapore; Medtronic U.S. president Mike Genau will take charge of the Americas region; Medtronic’s Rob ten Hoedt will become EMEA president; and Chris Lee, president of Medtronic’s China business, will continue in that role.
The company’s executive committee will stay as is: CFO Gary Ellis, chief scientific, clinical & regulatory officer Dr. Rick Kuntz, general counsel Brad Lerman, chief integration officer, strategy and business development Geoff Martha, senior vice president for medicine & technology Dr. Stephen Oesterle, global quality senior vice president Luann Pendy, chief HR officer Carol Surface and senior vice president of channel strategies Katie Szyman, according to the release.
Covidien CEO Joe Almeida and CFO Charles Dockendorff are slated to retire after the deal closes.