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COMPANY STATS
Medtronic
52 WEEK HI: 52 WEEK LO:
$49.50 $32.50
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GROWTH
5-Yr Revenue Growth 15%
5-Yr Earnings Growth 16%
VALUATION
Market Cap $58 billion
P/E (past year) 33.6
Price/sales 7.5
MANAGEMENT STRENGTH
Return on Equity 21.0%
Return on Capital 20.9%
Net Profit Margin 17.0%
Source: Thomson/Baseline,
as of 5/21/03


CEO OF THE WEEK: MAY 23, 2003
Art Collins
Medtronic, CEO and Chairman of the Board

Medtronic, the company that gave the world its first cardiac pacemaker 46 years ago, rakes in more than $7 billion in annual sales. The company makes a range of medical equipment, including spinal implants and neurological stimulators. Its core business is still cardiovascular devices. One notable customer: Vice-President Cheney.

Art Collins: Bio and Career Highlights
Age: 55

Education: Graduated from Miami University of Ohio in 1969 before earning an MBA from the Wharton School of Business at the University of Pennsylvania.

Resume: Collins was named CEO in 2001. Before joining Medtronic in 1992, Collins was the Corporate Vice President at Abbott Laboratories, where he oversaw the company's diagnostic units. He was a consultant with Booz, Allen & Hamilton in Chicago from 1974 to 1978.

Corporate culture
Board of Directors: With the exception of Collins, Medtronic's board is made up of independent directors. Says Collins: "In addition to being the only insider on the board, I sit on no standing committees. I ask the executive committee and every other committee to meet in an executive session, without me. So if there's anything that they would like to discuss, they can."

Stock options: The company does not expense stock options but annual option grants only go to 1.6 percent of the total payroll.

Charity: The Medtronic Foundation, established in 1978, supports programs that provide health care services in underserved communities and provides scholarships and fellowships for students interested in pursuing careers in science and engineering.

What I'm most proud of
"We've got the strongest pipeline that we've had in history: new products to treat congestive heart failure, sudden cardiac arrest, neurological and spinal disorders, and insulin pumps to treat diabetes.... We are positioned in large-growth segments that offer us the ability to grow and meet our stated long-term corporate objectives of a minimum 15 percent top- and bottom-line growth without acquisitions."  Top of page
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Previous CEOs of the Week:
08/01/03: Mark Kachur
Chairman and CEO of CUNO Inc.
07/25/03: Gregory Swienton
Chairman, President & CEO of Ryder System, Inc.
07/18/03: Harold 'Terry' McGraw III
The McGraw-Hill Companies' chairman, president, and CEO
07/11/03: Glenn Epstein
Intermagnetics General, Chairman & CEO
06/27/03: Ron Shaich
Panera Bread Company, Co-Founder, Chairman and Chief Executive Officer
06/20/03: George David
United Technologies, CEO and Chairman
06/13/03: Phil Francis
PETsMART Chairman and Chief Executive Officer
06/06/03: Bob Walter
Cardinal Health, Chairman and CEO
05/30/03: Bill McGill
MarineMax, CEO and Chairman of the Board
05/23/03: Art Collins
Medtronic, CEO and Chairman of the Board
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