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Medtronic operational headquarters in Fridley, Minnesota, a suburb of Minneapolis. Medtronic was founded in 1949 in Minneapolis by Earl Bakken and his brother-in-law, Palmer Hermundslie, as a medical equipment repair shop. [8] Bakken invented several medical technology devices that continue to be used around the world today. [citation needed]
Post-World War II hospitals were just starting to employ electronic equipment, but did not have staff to maintain and repair them. Sensing an opportunity, with his brother-in-law, Palmer Hermundslie, he formed Medtronic (a portmanteau of "medical" and "electronic") in a small garage, primarily working with the University of Minnesota hospital.
Covidien (formerly an independent company known as Covidien plc) is an Irish-headquartered global health care products company and manufacturer of medical devices and supplies.
All four had built their careers at Medtronic. The founding partners had multiple lawsuits by and against Medtronic, all settled out of court. CPI was a CRM company that revolutionized the pacemaker industry by introducing a long life lithium iodine pacemaker, a technology still utilized by a majority of the market. [3]
In 2015, Medtronic acquired Covidien and inherited all brands, including Puritan Bennett. [ 12 ] On February 20 2024, Medtronic announced that it will discontinue Puritan Bennett ventilators and exit the ventilator business.
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[1] [2] In 1989, he joined Medtronic as president and chief operating officer. [1] [2] He was elected chief executive officer in 1991 and chairman of the board in 1996. [1] [2] He was a professor at the Harvard Business School in Boston from 2004 to 2016 and is currently a senior fellow.