Medical device company Medtronic  (MDT - Get Report) said Geoffrey Martha will be the company's next CEO.

Martha previously was head of the restorative therapies group and was appointed as the new president of the company earlier this month, according to a company filing with the Securities and Exchange Commission.

He'll take over from the current CEO Omar Ishrak, starting late April 2020. At that point, Ishrak will become the executive chairman of the company and retire as CEO.

Martha will receive a salary of $1.1 million, a variable bonus, as well as a one-time equity grant worth $3.1 million, according to the form filed with the SEC. 

He also was appointed to Medtronic's board of directors.

The stock rose slightly Wednesday to $107.66.

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Constable owns none of the securities listed in this story.