Summary
Medtronic plc (MDT) has announced a significant leadership change with the appointment of Thierry Pieton as its new Executive Vice President and Chief Financial Officer (CFO), effective March 3, 2025. Mr. Pieton brings extensive global finance experience, including nearly 16 years at General Electric and most recently serving as CFO at Renault. This appointment signals a strategic move to leverage his operational finance expertise for Medtronic's future growth and financial stewardship. Investors should note the comprehensive compensation package designed to attract Mr. Pieton, which includes a substantial base salary, performance-based incentive plans, and significant long-term equity awards totaling $4.5 million in initial grants (including a $2 million LTIP award and a $2.5 million New Hire RSU). This investment in leadership underscores the company's commitment to strengthening its financial team. Additionally, the filing confirms Gary Corona's continued role as Interim CFO until Mr. Pieton's effective date, recognizing his contributions with a $1 million RSU grant.
Key Highlights
- 1Appointment of Thierry Pieton as new Executive Vice President and Chief Financial Officer (CFO), effective March 3, 2025.
- 2Mr. Pieton has extensive global finance experience, including significant tenure at General Electric and most recently as CFO at Renault.
- 3Initial annual base salary for Mr. Pieton set at $850,000.
- 4Mr. Pieton's total initial equity awards include a $2 million Long-Term Incentive Plan (LTIP) grant and a $2.5 million New Hire Restricted Stock Unit (RSU) award.
- 5A one-time cash bonus of $3 million will be paid to Mr. Pieton in installments to compensate for foregone compensation from his previous employer.
- 6Gary Corona, Interim CFO, will receive a $1 million RSU grant in recognition of his service.
- 7Mr. Pieton will be subject to Medtronic's Stock Ownership Policy, requiring him to retain 50% of after-tax shares until stock ownership reaches three times his annual salary.