Leaving Medtronic: Bill Hawkins' Legacy

Article preview from IN VIVO - May 1, 2011

Prominently displayed in Bill Hawkins' office is a sword – a Viking sword, Hawkins points out -- a gift from Art Collins, the man who preceded Hawkins as CEO of Medtronic Inc. The gift was designed symbolically to help Hawkins "cut through the bureaucratic red tape" and "deal with the intense competitive environment."

Leaving Medtronic: Bill Hawkins' Legacy

Article preview from IN VIVO - May 1, 2011

But for Hawkins, the sword had a different resonance – a kind of talisman of biomedical engineering. "I was one of the first people in this country to graduate as an accredited biomedical engineer," says the Duke University graduate, who holds a joint degree in electrical and biomedical engineering. Starting out as a sales rep for a small device company called Carolina Medical Electronics Inc., Hawkins says, "I always dreamed I'd run a major medical device company." Indeed, Hawkins recalls that "it was a privilege and just a humbling experience" when he was promoted from chief operating officer to CEO in August of 2007.

With a $45 billion market cap in 2007, Hawkins, with perhaps just a bit of bias, calls Medtronic "not just a great medical device company – it's a great American success story." Not that it's always been easy. Soon after assuming the top spot, Hawkins had to deal with the first of several challenges when Medtronic recalled its Fidelis pacemaker leads. There were other bumps along the way, but also some important accomplishments. Today, Medtronic stands as a leader in advancing medical technology, second perhaps only to Johnson & Johnson as the world's largest seller of medical devices. At the end of last year, Hawkins announced that he would step down as Medtronic CEO this year. Early rumors circulated that Medtronic would name Jim Lenihan, former head of Johnson & Johnson's medical device businesses and now a principal at private equity giant Cerberus Capital as interim CEO, a rumor that Medtronic officials denied and that obviously was wrong. (Lenihan is a long-time Medtronic board member.) And, indeed, at press time, Medtronic announced that Omar Ishrak, PhD, a former head of General Electric's medical business, will be the new CEO effective June 13.

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