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Here’s how Omar Ishrak transformed Medtronic into the world’s largest medtech operation

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Medtronic CEO Omar Ishrak to step downOmar Ishrak used a series of M&A moves and focus on global markets and value-based care to transform Medtronic (NYSE:MDT) into the world’s largest medical device business in less than a decade.

Ishrak is preparing to retire from the corner office next year ahead of the medtech giant’s mandatory retirement age, to be replaced by longtime lieutenant Geoff Martha. Hired in May 2011, Ishrak doubled annual revenues and added $100 billion to Medtronic’s market cap, according to lead director and Textron CEO Scott Donnelly.

Although early turns toward global markets and value-based healthcare were sustained over the course of his nearly decade-long run, Ishrak will be most widely remembered for the largest-ever medtech merger – the $50 billion buyout of Covidien in early 2015 –  and the raft of other M&A moves that defined his time at Medtronic.

His influence over the company will extend past his last day as CEO on April 26, 2020, when he’s due to assume the newly created executive chairmanship the next day. Apart from having a hand-picked successor take over, his new role entails providing “counsel and guidance to Medtronic’s leadership, oversee CEO succession, and drive the ongoing successful execution of Medtronic’s long-term strategic plan.”

Here’s a closer look at the at least $56.02 billion Medtronic spent on acquisitions under Ishrak’s watch (not to mention the $6.48 billion he brought in by selling company assets):

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