Medtronic promotes COO to CEO |
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Wed, 28 Feb 2007 18:52
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FRIDLEY, Minn. (AP) - Medical device maker Medtronic Inc. announced Wednesday that Chief Executive Arthur Collins will retire in August, although he will remain as chairman until August 2008.Collins will be replaced by current President and Chief Operating Officer William Hawkins, the company said.Medtronic said the switch was part of a succession plan put in place when Collins told them of his retirement plan several years ago.Collins, 59, has been CEO since 2001 and became chairman in 2002. He has been with Medtronic since 1992.Hawkins, 53, has been president and COO since 2004. He has been with Medtronic since 2002.Shares of Medtronic rose 55 cents, or 1.1 percent, to $50.49 in mid-day trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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