Tuesday, December 21, 2010

Medtronic (NYSE:MDT) CEO William Hawkins Stepping Down

After a relatively lackluster share performance after3 years at the helm of Medtronic (NYSE:MDT), Chief Executive Officer William A. Hawkins will be stepping down in April, and will stay on he said , until a successor is found.

Hawkins will retire in April, the end of the fiscal year of the medical device company. The company said they're looking externally for candidates at this time.

J.P. Morgan's (NYSE:JPM) Michael Weinstein said, “Medtronic has struggled to create shareholder value over the last 10 years, and given the challenges facing the company and industry, it’s not getting any easier. The good news is that a new CEO can be a catalyst for change, and in the cold winter of the Twin Cities, that starts today.”

The apparent reason for searching for an external candidate is to get a fresh perspective on the strategy of the company in a maturing industry.

If no one is found outside the company, internal possibilities are Michael Coyle or Christopher O'Connell, both executive vice presidents with Medtronic.

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