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The foundation started by former Medtronic CEO Bill George and his wife Penny has named a new president, the second person who is not a member of the George family to lead the Minneapolis foundation in its nearly three decades of service.

Sean Malone will start the top job at the George Family Foundation on Aug. 23, succeeding Gayle Ober who is retiring at the end of the year, the organization announced this week.

The foundation, which has more than $60 million in assets, gave away $5.2 million in grants last year.

Bill and Penny George, who are both on the foundation's board, said in a statement that Malone will lead the foundation into the future and help give it greater impact in the foundation's focus areas, including the environment, health and youth development.

Malone has worked more than two decades as a nonprofit executive, most recently as CEO of Dix Park Conservancy in Raleigh, N.C., and interim executive director of Journalism Funding Partners, a Sacramento, Calif.-based organization.