8-KLeadership ChangesExhibits & Filings

Medtronic plc 8-K Report, Executive Changes (Jan 21, 2025)

Filed January 21, 2025For Securities:MDT

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.

Frequently Asked Questions

Thierry Pieton has been appointed as the new Executive Vice President and Chief Financial Officer (CFO) of Medtronic plc, effective March 3, 2025.

Mr. Pieton has a robust global finance background, with nearly 16 years at General Electric in various finance roles, and most recently served as the Chief Financial Officer (CFO) for Renault, S.A. He also has prior experience at Nissan Motor Company and began his career in auditing at PricewaterhouseCoopers.

Mr. Pieton will receive an initial annual base salary of $850,000, with participation in the Medtronic Incentive Plan (MIP) and Long-Term Incentive Plan (LTIP). His initial LTIP award has a target value of $2 million, and he will also receive a one-time New Hire RSU award valued at $2.5 million. Additionally, he is set to receive a $3 million cash bonus, payable in installments, to offset foregone compensation from his previous employer. He will also receive various benefits including relocation, commuter allowances, and participation in deferred compensation and health/welfare plans.

Gary Corona will continue to serve as the Interim Chief Financial Officer until Thierry Pieton's effective date. In recognition of his leadership and contributions, Mr. Corona will receive a one-time Restricted Stock Unit (RSU) grant valued at $1,000,000, which vests in full one year after the grant date.