Medtronic appoints Thierry Piéton as Chief Financial Officer
Rhea-AI Summary
Medtronic (NYSE: MDT) has appointed Thierry Piéton as Chief Financial Officer, effective March 3, 2025. Piéton, who joins from Renault Group where he served as CFO since March 2022, will report to Chairman and CEO Geoff Martha and join the Executive Committee.
Under Piéton's leadership at Renault, the company achieved record operating margins and improved free cash flow, while executing portfolio management through acquisitions, divestitures, and innovative partnerships. His experience spans healthcare and regulated manufacturing industries, including roles at Nissan Motor, General Electric, GE Healthcare, and PricewaterhouseCoopers.
Gary Corona, who has been serving as interim CFO, will transition to Senior Vice President, Corporate Finance and remain on the Executive Committee. During Corona's interim tenure, Medtronic delivered revenue growth and exceeded EPS expectations in the first and second quarters.
Positive
- Appointment of experienced CFO with proven track record in margin improvement
- New CFO's background includes relevant healthcare industry experience
- Company exceeded revenue and EPS expectations in recent quarters
Negative
- None.
News Market Reaction
On the day this news was published, MDT gained 0.34%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
"Thierry is a strategic, creative, operationally focused, experienced CFO with a proven track record of delivering innovation-driven growth, margin improvement, and earnings power through strong financial leadership, which is directly aligned with our financial objectives," said Geoff Martha, Medtronic chairman and chief executive officer. "We are confident he is the right choice at this important time for Medtronic and can't wait to benefit from his expertise and leadership."
Under Piéton's leadership, Renault achieved its highest ever operating margins and improved free cash flow, while also executing portfolio management, including tuck-in acquisitions, divestitures, and funding development through innovative partnerships. This led to significant value creation for its shareholders. Piéton brings experience in both healthcare and other highly regulated, operationally focused manufacturing companies, including Nissan Motor Co. Ltd, General Electric, GE Healthcare and PricewaterhouseCoopers. His career path to CFO demonstrates intentional development through accretive experiences across several industries, geographies, companies, and all facets of a global finance function.
As CFO, Piéton will be responsible for leading the Medtronic global finance organization and key supporting functions, including Treasury, Controller, Tax, Internal Audit, Investor Relations, Corporate Strategy, and Business Development.
"I also want to recognize Gary Corona, who has served as interim CFO. Gary helped us deliver revenue growth and EPS that exceeded expectations in our first and second quarters and has provided strong leadership of our Finance function over the last six months. He will help ensure a smooth and successful transition, and I look forward to continuing to work with him in his new role leading several key Corporate finance functions," said Martha.
About Medtronic
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SOURCE Medtronic plc
FAQ
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