MINNEAPOLIS - Medtronic (NYSE: MDT) today announced the executive team who will lead the combined organization following the close of its proposed acquisition of Covidien. The new company will be comprised of four major business groups and four geographic regions led by a new Executive Committee. Omar Ishrak will remain as chairman and chief executive officer of the new company, Medtronic plc.
"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," said Omar Ishrak, Medtronic chairman and CEO.
The four business groups of the new company will be led by the following group leaders: Mike Coyle, executive vice president and president of the Cardiac and Vascular Group (CVG), Hooman Hakami, executive vice president and president of the Diabetes Group, and Chris O'Connell, executive vice president and president of the Restorative Therapies Group (RTG). Bryan Hanson, currently group president, Covidien, will become executive vice president and president of the fourth major business group, a newly formed Covidien Group, upon close.
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In addition to the new Covidien Group, the current Peripheral Vascular business from Covidien, including the Endovascular, Arterial and CVI businesses, will be integrated into the CVG's Aortic and Peripheral Vascular business after the close of the transaction. Upon close, Covidien's Neurovascular business will be integrated into the RTG as an independent business unit. More details regarding the specifics of these organizational changes will be announced over time.
The executive leadership team will also include a new regional structure intended to drive organizational effectiveness and focus necessary to achieve the company's globalization objectives. Upon the close of the transaction, the new company will organize into four major regions:
Bob White will become senior vice president and president of Medtronic Asia Pacific, based in Singapore. This new region is comprised of Japan, India, Australia/New Zealand, Korea and Southeast Asia. White is currently president of Covidien's Emerging Markets.
Mike Genau will become senior vice president and president of Medtronic's Americas Region, including Canada, Latin America, and the United States. Genau is currently Medtronic's U.S. Region leader overseeing the company's Integrated Health Services business in the U.S.
