Medtronic Chairman and CEO Bill Hawkins sent a note to employees Monday saying that he will stay on longer than he initially intended because the search for his successor is taking longer than expected.
Hawkins was expected to retire at the end of fiscal year 2011, which ended in late April. But on Monday, he told employees that while the company’s board of directors is making good progress on the search for a successor, the process takes time and will be completed some time in early fiscal 2012.
While leading the Feb. 22 earnings call with analysts, Hawkins said that it would be his last call as CEO. A Medtronic spokesman did not say whether Hawkins would lead the earnings call in late May and cited a policy of not disclosing speakers in advance.
Previously an analyst had speculated whether a current board member would be the new head of Medtronic, which makes new innovative medical devices. Given Hawkins’ intent to stay on longer that appears less likely now.
