Originally Published MX May/June 2001

Cover Story

Medtronic's Art Collins and Bill George tell a tale of success and succession at the top of the medical device industry.

Interview by Greg Freiherr

William W. George (left) and Arthur D. Collins Jr.

After a decade of growth during which revenues quintupled to $5 billion, Medtronic has laid claim to the title of world's largest manufacturer of medical devices. The company has done so through internal expansion and external acquisition, with a workforce that has ballooned from 7500 workers to 25,000. The changes have thrilled investors, whose shares have risen 1400% on the heels of six stock splits between 1991 and 2000.

Orchestrating this corporate growth has been Bill George, who joined the firm in 1989 as president and COO, then was elected CEO two years later by the board of directors. George embraced the mission and philosophy of Medtronic, imbuing the company ranks with his own sense of purpose and dedication. He broadened corporate horizons, leading Medtronic beyond pacemakers—the technology on which the company was founded—to become a maker of implantable and invasive therapies.