01—Abstract
Summary
Summary of the 8-K filed June 26, 2024. Cited figures are marked; the original filing is the authoritative source.
Medtronic plc (NYSE: MDT) disclosed in this June 26, 2024 Form 8-K that Executive Vice President and Chief Financial Officer Karen Parkhill will resign effective August 2, 2024, to become CFO of HP Inc. Her departure is a leadership change at the finance function, and the filing does not indicate any disagreement with the company, which is a point investors often look for.
Gary Corona, Senior Vice President of Global Financial Planning and Analysis since joining Medtronic in January 2023, will serve as interim CFO upon Parkhill's departure. Corona previously spent 26 years at General Mills, most recently as Vice President of Corporate Finance. His compensation is not changing in connection with the interim appointment.
The company said it is evaluating both internal and external candidates for a permanent CFO, so a longer-term appointment remains open. Medtronic also reaffirmed its guidance for the first quarter and full fiscal year 2025, as previously disclosed in its May 23, 2024 earnings release.
For investors, the key takeaways are the orderly transition, the reaffirmed outlook, and the open question of who will be permanent CFO. Parkhill had led the finance function for roughly eight years, and CEO Geoff Martha praised her contributions.
02—Key points
Key Highlights
- Karen Parkhill, EVP and CFO, will resign effective August 2, 2024, to become CFO of HP Inc.
- Gary Corona, SVP of Global Financial Planning and Analysis, will serve as interim CFO upon Parkhill's departure.
- Corona joined Medtronic in January 2023 and previously spent 26 years at General Mills, including as VP of Corporate Finance.
- Corona's compensation will not change in connection with the interim appointment, and no related-party transactions requiring disclosure were reported.
- Medtronic is evaluating internal and external candidates for a permanent CFO; no permanent successor has been named.
- Medtronic reaffirmed its Q1 and full fiscal year 2025 guidance, as previously disclosed on May 23, 2024.
- The filing does not describe any disagreement between Parkhill and the company regarding the departure.
03—Questions
Frequently Asked Questions
Why is the CFO leaving Medtronic?
Parkhill is resigning to accept the role of Chief Financial Officer at HP Inc. The company's press release describes the move as a career step and thanks her for eight years of leadership. The filing does not report any disagreement with the company.
Who will run Medtronic's finance function in the interim?
Gary Corona, currently SVP of Global Financial Planning and Analysis, will serve as interim CFO effective upon Parkhill's departure on August 2, 2024. He has been with Medtronic since January 2023.
Has Medtronic named a permanent replacement for the CFO?
Not yet. The company said it is evaluating both internal and external succession candidates. Investors should watch for a future announcement on a permanent CFO.
Does this change Medtronic's financial outlook?
The company reaffirmed its first quarter and full fiscal year 2025 guidance, which was previously disclosed in its May 23, 2024 earnings release. The filing does not announce any revision to that guidance.
Will the interim CFO's pay change?
No. The filing states that Corona's compensation arrangements will not change in connection with his appointment as interim CFO.
04—Continue