Medtronic Chairman and CEO Bill Hawkins sent this note to Medtronic employees on May 2, 2011:

Dear Colleagues,

In December, I announced my intent to retire at the end of this fiscal year, and that the Medtronic Board of Directors would conduct a search for my successor. The Board is making excellent progress; however, this process takes time and will extend into early FY12. As we said in December, to ensure a smooth leadership transition, I will continue to serve as Chairman and CEO until my successor is named.

We have our plan for FY12, and during this time of change, the most important thing we can all do is to stay focused on our business and our Mission. Thank you for your ongoing dedication to our company, our customers and our patients.

Regards,

Bill Hawkins
Chairman and CEO