Ishrak
And on the 60th day, he showed his cards.
Newly minted Medtronic Inc. (NYSE:MDT) CEO Omar Ishrak officially put his stamp on the world’s largest medical device maker, announcing a re-shuffling of the company’s executive committee with the goal of “improving execution, optimizing innovation and accelerating globalization,” according to an email distributed company-wide last week. The news will be announced publicly in conjunction with the company’s earnings announcement today.
The most dramatic moves concern expanding Medtronic’s global footprint by creating eight geographic regions: the U.S., Western Europe/Canada, Latin America, Greater China, Asia (including Japan), India, Middle East/Africa and Central and Eastern Europe.
“Our goal is for each of the eight Regions to have direct representation on the Business Unit leadership teams,” Ishrak wrote. “As such, we will be phasing out the International General Manager (IGM) roles. In areas where we do not have dedicated Business Units represented within the geographies we will work with the current IGMs, the Business Unit leaders and the geography leaders to develop a transition plan. More detailed information will be communicated by the Group EVPs to their respective organizations. New assignments for the IGMs will also be communicated soon.”
The international division, currently led by executive vice president of international business Jean-Luc Butel, will see Rob ten Hoedt promoted to senior vice president of Western Europe and Canada; Butel will concentrate on emerging markets, joining the executive committee and reporting directly to Ishrak.
The new man in the corner office is also bringing in one of his former lieutenants at GE Healthcare: Geoff Martha, who will join Medtronic as senior vice president for strategy and business development. Martha, who has been at GE for 19 years, was most recently that company’s managing director of business development. Martha will be responsible for developing the company’s global strategic plan, business development and acquisition integration, Ishrak wrote.
In all, the executive committee will consist of Ishrak, Martha, Butel and ten Hoedt, plus cardiac and vascular group president Michael Coyle and restorative therapies president Chris O’Connell; James Dallas, Caroline Stockdale, Rick Kuntz, Cam Findlay, Gary Ellis and Steve Oesterle will continue to sit on the committee.
“These shifts in our structure and clarification of responsibilities will help us accelerate globalization and enhance our ability to meet customer needs around the world,” Ishrak wrote. “We are targeting the end of the second quarter for most of these changes to be complete. The Executive Committee and I are excited and aligned around our new organizational approach, and the metrics and decision-making processes that we will use to manage the business. I am confident about the future of Medtronic and look forward to working together to achieve our goals and advance our Mission.”
