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| Former GE Healthcare CEO Hooman Hakami joins Medtronic to head R&D. |
Medtronic ($MDT) has recruited a former GE Healthcare ($GE) executive to take the helm of its sprawling diabetes business, putting Hooman Hakami in charge of R&D, operations and sales of its 5th-largest segment.
Hakami comes to Medtronic after serving as CEO of GE Healthcare's $2 billion detection and guidance solutions segment, previously running the med tech giant's interventional systems business. He's now tasked with overseeing the expansion of Medtronic's line of insulin pumps and continuous glucose monitors, which brought in $1.5 billion for the company last fiscal year.
Medtronic CEO Omar Ishrak, who ran all of GE Healthcare before jumping ship in 2011, has tabbed diabetes as one of his company's prime growth drivers moving forward, especially in emerging markets.
"Our diabetes franchise has a tremendous opportunity to advance its technology leadership toward the artificial pancreas; expand global access of these therapies to new parts of the world; and develop new and impactful partnerships and business models to address the needs of people with diabetes," Ishrak said in a statement. "I have known and worked with Hooman over many years, and know he will bring outstanding leadership to our team."
Medtronic's diabetes arm jumped 16% to $436 million last quarter, thanks largely to the recently approved MiniMed 530G glucose monitor, and the business is on track to outpace its performance in the previous fiscal year.
- read the announcement