IRELAND – Medtronic has appointed Thierry Pieton, the former finance chief at Renault, as its new Chief Financial Officer (CFO), effective March 3, 2025.
Pieton will succeed Gary Corona, who has been serving as interim CFO following the departure of Karen Parkhill to HP Inc. in June 2024.
After March 3, Corona will transition to the role of Senior Vice President of Corporate Finance while continuing as a member of the company’s executive committee.
Pieton joins Medtronic with a wealth of experience, including his recent role at Renault, where he served as CFO since March 2022.
During his tenure, Pieton led the company to achieve its highest-ever operating margins and improved free cash flow.
He also spearheaded portfolio management initiatives, including acquisitions, divestitures, and funding development.
His previous roles include positions at Nissan Motor Co., GE, GE Healthcare, and PricewaterhouseCoopers, highlighting his expertise across highly regulated industries and operationally intensive sectors.
As CFO, Pieton will report directly to CEO Geoff Martha and become a member of Medtronic’s executive committee.
His responsibilities will encompass leading the global finance organization, including treasury, tax, internal audit, investor relations, and corporate strategy.
“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.
“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.”
Martha also acknowledged Gary Corona’s contributions during his tenure as interim CFO, saying, “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.”
Alongside this leadership transition, Medtronic has taken steps to address product safety concerns.
Three months ago, the company issued a voluntary recall for specific MiniMed insulin pumps in the 600 and 700 series.
Reports indicated that physical impacts, such as drops or bumps, could damage internal electronic components, significantly reducing battery life.
This malfunction posed potential risks, including disrupted insulin delivery, hyperglycemia, and diabetic ketoacidosis.
The U.S. Food and Drug Administration classified the recall as a Class I recall, the most serious category, emphasizing the potential health hazards.