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© History Oasis / Created via Midjourney
1949-1974
Earl Bakken was an electrical engineer who Co-Founded Medtronic when he invented the first battery-powered pacemaker in 1957. And it was wearable. Bakken was inspired by a hospital power outage that endangered patients, motivating him to invent the breakthrough technology. He would go on to develop his tech in a garage repair shop, where it eventually became a public corporation.
In 1960, he laid out Medtronic’s mission statement, emphasizing patient welfare above profit.
1974-1976
Tapped to serve briefly during a critical transition. Holloran maintained operational continuity while preserving the company’s core mission. His short tenure focused on stabilizing leadership and preparing for future expansion.
1976-1985
Dale Olseth led Medtronic’s diversification beyond pacemakers into new medical devices. He also expanded internationally and increased R&D, establishing infrastructure for future growth. Under his guidance, Medtronic built new technological foundations for future market growth.
1985-1991
William Wallin oversaw the launch of the Activitrax rate-responsive pacemaker in 1985, which quickly captured 20% of the market. Wallin doubled R&D spending and acquired La Jolla Technology. Under his watch, Medtronic reached $1 billion in annual revenue by 1991.
1991-2001
With a focus on global expansion, William George positioned Medtronic as an international leader. George built new operations in emerging markets, including Japan, China, and India. He saw international sales grow to 40% of total revenue. But George is most remembered for strengthening Medtronic’s ethical reputation.
2001-2011
Arthur Collins Jr. diversified Medtronic’s portfolio across cardiovascular, neurological, and surgical medical devices. Collins dealt with the challenges of the Great Recession while maintaining a focus on innovation. His decade of leadership solidified Medtronic’s position as one of the world’s largest medical technology providers.
2011-2020
By transforming Medtronic through the landmark $42.9 billion acquisition of Covidien in 2015, Omar Ishrak oversaw the largest tax inversion in corporate history. This move relocated Medtronic’s legal headquarters to Ireland while maintaining operational headquarters in Minnesota. Ishrak also advanced value-based healthcare initiatives and expanded access to medical technology globally.
2020-present
Assuming leadership during the COVID-19 pandemic, Geoff Martha quickly mobilized resources, including publicly sharing ventilator designs. Martha has focused on advancing digital health technology, artificial intelligence applications, and surgical robotics. His strategic vision emphasizes innovation and operational efficiency while maintaining Medtronic’s position as the world’s largest medical device company.
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