Medtronic Inc. has lured away the President and CEO of GE Healthcare Systems Omar Ishrak to replace current Chairman and CEO Bill Hawkins, who is retiring. Come June 13, Ishrak will take over running the world’s largest medical device company, based in Fridley, Minnesota.
GE Healthcare Systems is a $12 billion division of GE Healthcare and is its largest division, consisting of a broad portfolio of technology businesses including Computed Tomography, Magnetic Resonance, Ultrasound, Monitoring Solutions, Molecular Imaging, X-Ray, Interventional, Life Support and Home Health.
Ishrak is a 16-year veteran of the company, having joined GE Healthcare in 1995 as General Manager, Ultrasound. He was named an Officer of GE in 1999, before becoming President and CEO of Clinical Systems in 2005. Clinical Systems has a portfolio of point-of-care medical devices. Led by Ishrak, the Clinical Systems business saw a more than 40 percent revenue growth while operating margins grew by 110 percent, according to a Medtronic statement. He was named President and CEO of Healthcare Systems in January 2009 and was promoted to Senior Vice President of GE in July, 2010.
Before his stint at GE, Ishrak held executive positions at Diasonics/Vingmed, and various product development and engineering positions at Philips Ultrasound.
He earned a Bachelor of Science Degree and Ph.D. in Electrical Engineering from the University of London, King’s College. Ishrak is a member of the board at the Blood Center of Wisconsin and also on the Health Leadership Council of the Save the Children Foundation.