Medtronic CEO Ishrak praised for steering company in rough waters


Two years into the tenure of Medtronic CEO Omar Ishrak, MPR visits the Minnesota-based company and reports that the executive is winning praise for improving the bottom line, even as the global medical device giant has struggled through a variety of difficulties.

Medtronic's stock is up about 45 percent and sales have increased since Ishrak took the helm, MPR reported.

Profits went up 16 percent during Ishrak's first year and fell about 4 percent in the second year, but profits remain above where they were a few years ago, MPR reports.

Ishrak has won accolades for the way he has handled controversies, including criticism of the company's much-criticized Infuse spine fusion product, and for being a steady hand steering the company through uncertainty related to the economy, heath care reform, and sagging demand for key products, MPR reports.

Investors Business Daily earlier this month reported more positive numbers: "It's hard to beat Medtronic for steady share price action, earnings and dividend growth lately. Shares of the world's biggest maker of medical devices have risen 27 percent this year, easily beating the S&P 500. They're up 38 percent from a year ago and 73 percent from a bottom of 30.18 in August 2011."

Among the company's recent projects is an artificial pancreas, Reuters reported.

Included in Ishrak's priorities: expanding into emerging markets like China and India, which has been even more challenging than he expected, the Business Journal reported last month.

Ishrak has a $1.2 million salary, with $6.2 million in total compensation for the year that ended April 30, the Star Tribune reported.

Next Up


CEO: Medtronic's focus paying off

After a solid last year and last quarter, Medtronic Inc. CEO Omar Ishrak is reiterating that his company's commitment is to growth through globalization, innovation and enhancing value, not just creating new medical technology products. It's what Ishrak has consistently preached in the year-plus since he took the helm at the world's largest medical device company.

Is Medtronic going after India's largest med-tech company?

A respected Indian business publication is reporting that Medtronic is negotiating with an Indian medical technology company to make a strategic investment in it. Trivitron Healthcare is reportedly India’s largest med tech company. The Fridley-based company has not commented specifically on the deal, however, CEO Omar Ishrak has made no secrets about his interest in India.

Medtronic cutting 1,000 jobs despite growing profits

The Fridley-based medical device maker plans to eliminate positions in facilities around the globe, including 220 positions at its Mounds View-based division. Medtronic topped expectations in the fourth quarter, but continues to struggle with the sale of heart rhythm devices as well as devices used in spine surgery.