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Bill George, who has always had a clear vision of the path laid out NOW before him, for once doesn't know exactly where he's going.
He's not lost, but he's deliberately keeping his slate clean for the next phase of his life as he prepares to step down on May I as the chairman of Fridley-based Medtronic Inc. He's leaving at his professional peak after spending a dozen years building one of the most admired companies in the state.
In 1989, when George joined Medtronic as president and heirapparent to the retiring CEO, Win Wallin, Medtronic shareholder value (market cap) was $1.1 billion. He was elected CEO two years later.
By the end of 2000, as he prepared to turn the CEO job over to his successor, Art Collins, the company's value had grown to more than $70 billion. At press time it stood at about $62 billion, dropping in parallel to the overall economy.
During George's tenure, sales also grew from $1 billion in the fiscal year ended April 30, 1991 to $5.6 billion in the year ended April 27, 2001.
Over the same time, Medtronic yielded 23 percent compounded growth in earnings, posted 64 consecutive quarters of increasing revenue and earnings and met the expectations of security analysts for earnings per share every quarter, except one.
Because of his successful career at Medtronic and record giving back to the community, George has been chosen as the 26th Executive of the Year by CityBusiness: The Business Journal.
Not slowing
Despite his successful tenure, or perhaps due to it, George stepped down at a relatively young age for a CEO. His retirement from Medtronic fulfills a pledge he made to stay for only 10 years - something he thinks more executives should do to provide companies with a fresh outlook.
George is still serving Medtronic as an adviser to Collins and as chairman of the board, a job he'll quit at the end of April. He keeps an executive suite on the 49th floor of the IDS Center in Minneapolis, deliberately separating himself from the Fridley headquarters so Collins can have room to work. His office is simple, but spacious, with a giant picture window that faces the southwest and offers nice views of...