Medtronic Scoops Up GE Healthcare's Ishrak

Medtronic (NYSE:MDT) has tapped GE Healthcare’s Omar Ishrak to serve as its new chief executive starting on June 13, leading General Electric (NYSE:GE) to name two new executives.

Ishrak formerly served as chief executive of the healthcare systems at General Electric where he oversaw some 20,000 employees in 120 countries. He also served as senior vice president of GE and was a member of the GE executive council.

“We are confident he has the leadership credentials and experience to move the company forward, advancing its position as the world leader in the development and application of medical technology to address the global challenges of chronic disease,” Ken Powell, lead independent director of the Medtronic board, said in a statement.

The new chief executive succeeds William Hawkins, who announced plans last December to retire.

During his 16-year tenure at GE, Ishrak drove top and bottom line growth and helped transform GE Healthcare, leading the company’s expansion into emerging markets. Under his guidance, the Clinical Systems division nearly doubled in revenues to about $5 billion from 2004 to 2009.

Prior to joining GE, Ishrak spent more than 13 years in senior technology development and business management roles at Philips Ultrasound, Diasonics and Elbit Ultrasound.

GE has said it will replace Ishrak with Tom Gentile, who currently serves as vice president of GE Aviation's services division. In his 13 years with GE, Gentile held several leadership roles in GE Capital businesses in the U.S., France and Australia, where he oversaw acquisitions, consumer product launches and helped drive profitable growth.

Mike Swinford, who currently services leader for GE Healthcare's North American division, has been promoted to CEO of GE Healthcare's global services, a new business that will be responsible for driving GE Healthcare's service strategy globally.