Ishrak has been president and CEO of GE Healthcare Systems, a $12 billion division of GE Healthcare, where he has worked since 1995. The healthcare systems division's technologies include magnetic resonance imaging, ultrasound and molecular imaging.
The appointment of a new CEO of Medtronic, the world's largest stand-alone medical device maker, has been closely watched by investors and analysts, some of whom have called for a break up of the company.
Medtronic's announcement comes a day after rival device maker Boston Scientific Corp <BSX.N> said Chief Executive Ray Elliott will step down at the end of 2011 after less than two years at the helm, sending its shares sharply lower.
Medtronic shares were up 15 cents at $42.80 in premarket trading.