Ishrak will remain with the company as executive chairman. Geoff Martha, the current head of Medtronic’s restorative therapies group, will become president on 1 November and CEO in April 2020. Brett Wall, the current lead of the brain therapies business, will head the restorative therapies group.

Device-giant Medtronic has agreed to pay $54.5m to settle a class-action suit filed by investors in HeartWare, which Medtronic bought in 2016. The plaintiffs say HeartWare misled investors about the safety of a miniaturized heart pump under development.

After knocking Johnson & Johnson off its long-held top position last year, Medtronic has successfully retained the lead in the global medtech market for the second year running in Medtech Insight's MTI 100 rankings. Meanwhile, movement and reshuffling in the ranks continued among other top-tier industry players as they reaped the rewards from previous M&A deals and long-term growth strategies. In this article, we take a closer look at the top-10 overall players, and see who's leapt in front of rivals and who's left eating dust in Medtech Insight's 2017 edition of its annual ranking.

Medtronic's revenue of $7.1bn for the second fiscal quarter of 2018 was down 4% year-over-year on an as-reported basis, but up 4% on a comparable constant-currency basis. –It would have been even greater if not for the hurricane that hindered manufacturing operations in Puerto Rico, the company reported Nov 21.