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."