Former Medtronic CEO Omar Ishrak is resigning his spot as executive chairman of the company’s board, effective immediately, the medical device giant said in a recent SEC filing.
Medtronic added that Ishrak’s decision was “not the result of any dispute or disagreement with the company, the company’s management or the board on any matter relating to the operations, policies or practices of the company.”
Ishrak led Fridley, Minn.–based Medtronic as CEO for nine years, officially retiring in April 2020 to make way for longtime colleague Geoff Martha. Martha played a leading role in the most important strategic move that Medtronic made during Ishrak’s CEO tenure: the $50 billion buyout of Covidien in early 2015 and the major integration project that followed.
Ishrak turned Medtronic into the world’s largest medical device company through the merger with Covidien. Under his leadership, the company also made early moves toward global markets and value-based healthcare.