Medtronic, Covidien detail senior leadership plans for combined company

IndustriesAssociated Press

The medical device maker Medtronic has laid out its leadership plans for life after it acquires Ireland's Covidien for nearly $43 billion.

The Minneapolis company said the combined business will be divided into four major groups and geographic regions, led by a new executive committee. Medtronic Chairman and CEO Omar Ishrak will continue in those roles in the combined company.

Continue Reading Below

Mike Coyle will lead the Cardiac and Vascular Group; Hooman Hakami will run the Diabetes Group; Chris O'Connell will lead Restorative Therapies; and Bryan Hanson, a Covidien group president, will direct a newly formed group.

The combined company's four major regions include Asia Pacific; the Americas; Europe, the Middle East and Africa; and China.

Medtronic Inc. makes pacemakers and insulin pumps, among other products. Covidien specializes in surgical equipment.

The companies announced a tie-up in June, with the deal expected to close late this year or early in 2015.

The combined company would have its executive offices in Dublin, where it will benefit from Ireland's lower corporate tax rates. The new company, however, will continue to operate in Minneapolis.

Shares of Medtronic closed at $63.65 on Thursday and have climbed about 5 percent since the deal was announced. The Standard & Poor's 500 index has slipped less than 1 percent over the same span.