Medtronic unveils post-merger management structure (MassDevice)
Medtronic CEO Omar Ishrak unveils the plan for the medical device giant’s management structure after it closes its mega-merger with Covidien early next year.
Medtronic (NYSE:MDT) CEO Omar Ishrak today unveiled what the medical device giant’s management structure will look like after it closes its mega-merger with Covidien (NYSE:COV) early next year.
According to an employee presentation filed with the SEC, the ‘new’ Medtronic will be comprised of 4 major business segments, headed by Medtronic’s 3 existing group presidents, plus Covidien group president Bryan Hanson.
The Covidien group is slated to oversee all of that company’s current businesses except 2: Covidien’s peripheral vascular business will be merged into Medtronic’s aortic and peripheral unit, while Covidien’s neurovascular business will function as a unit of Medtronic’s restorative therapies group.
Ishrak also said that the combined company’s operations will be re-organized into 4 geographical segments: Asia Pacific, the Americas, EMEA (Europe) and Greater China. Covidien’s emerging markets head, Bob White, will head up the new company’s Asia Pacific region, which will include India. Medtronic’s current U.S. chief, Mike Genau, will lead the Americas division. Rob ten Hoedt, Medtronic’s current EMEA head, and Chris Lee, who leads its Chinese operations, will remain in place.
Also today, Medtronic and Covidien both announced they now see their $43 billion merger closing during the first quarter of 2015. The companies had previously stated the closing might occur as early as the 4th quarter.