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Medtronic CEO to retire in 2020; replacement named from within ranks

Omar Ishrak is retiring as Medtronic PLC's CEO but will remain the Irish medical-device maker's chairman.

The change is effective at the end of Medtronic's fiscal year on April 26, 2020. Ishrak is retiring due to a requirement that none of Medtronic's executive officers be over the age of 65.

Ishrak will be replaced by Geoff Martha, Medtronic's executive vice president for the Restorative Therapies Group, effective April 27, 2020. Before that, Martha will assume the position of president of the company and join the Medtronic board on Nov. 1 of this year.

Martha had joined the company in 2011 and will be replaced as the head of the Restorative Therapies Group by Brett Wall who is the president of Medtronic's Brain Therapies division.