Medical-device maker Medtronic, Minneapolis, has announced a restructuring plan that includes several leadership changes and calls for a consolidation of its businesses into two operating units.
Under the plan, Medtronic will combine its cardiac-rhythm disease-management, cardiovascular and physio-control businesses into a single group and place its spinal and biologics, neuromodulation, diabetes and surgical technologies into a second group. The consolidation supports the devicemaker's One Medtronic initiative, said Chairman and CEO Bill Hawkins. “This new structure enables us to capitalize on existing synergies across our businesses and further advances our goal of operating as … an integrated company focused on chronic disease,” Hawkins said.
Chris O'Connell, formerly president of Medtronic's diabetes business, will be executive vice president and group president of the new unit housing spinal and biologics, neuromodulation, diabetes and surgical technologies. Medtronic is currently conducting an external search for the leader of its new unit containing the cardiac-rhythm disease management, cardiovascular and physio-control businesses.
Additional leadership changes include the promotion of Jean-Luc Butel, former senior vice president and president of international, to executive vice president and group president of international; and the promotion of Rick Kuntz, former senior vice president and president of neuromodulation, to senior vice president and chief scientific, clinical and regulatory officer. The executives’ ages were unavailable at deadline.