Mr. Ishrak will replace William A. Hawkins, who in Dec. 2010 announced his intention to retire at the end of fiscal 2011.
The appointment of Omar Ishrak comes a day after Boston Scientific, a leading Medtronic competitor, announced that President and CEO Ray Elliott would retire on Dec. 31, 2011.
Medtronic has been struggling for the past few quarters with declining sales at its largest segment, Cardiac Rhythm Disease Management, as well as several challenges for its second-biggest segment, Spinal, according to Zachs Investment Research.
Read the Medtronic release on Omar Ishrak.
Read the Zachs Investment Research report on Medtronic.
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