Medtronic Welcomes Karen L. Parkhill as Its New Chief Financial Officer
May 04 2016 - 8:30AM
Gary Ellis to
Remain on Medtronic Executive Committee
Until Retirement in Fiscal Year 2017
DUBLIN - May 4, 2016 -
Medtronic plc (NYSE: MDT) announced today the appointment of Karen
L. Parkhill as executive vice president and chief financial officer
(CFO), effective June 20, 2016. Parkhill will succeed Gary L. Ellis
in the CFO role and will report to Medtronic CEO Omar Ishrak.
Today's announcement concludes an external search
process conducted by the company to ensure a seamless succession of
the CFO portion of Ellis's current responsibilities. As part of his
planned succession, Ellis will remain on the Medtronic Executive
Committee, assist with the transition of the CFO office, and will
continue to lead the other key functions within his portfolio of
responsibilities until his retirement.
Parkhill joins Medtronic from Comerica
Incorporated (NYSE:CMA), where she served as vice chairman and CFO
for the past five years. Parkhill was a member of Comerica's
Management Executive Committee and the Comerica Bank Board of
Directors. She is also a member of the Board of Directors for the
Methodist Health System in Dallas.
In her role as Medtronic's CFO, she will serve on
the company's Executive Committee and 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 am delighted to add someone with Karen's deep
expertise and insights to the Medtronic leadership team," said Omar
Ishrak, Medtronic chairman and CEO. "Given Karen's extensive
background across all of the major disciplines within finance, and
her direct experience as an investment banker, CFO at JP Morgan's
Commercial banking business, and CFO at Comerica, I am confident in
her ability to lead our global finance organization and believe she
will be a strong representative to our investors and Wall Street. I
look forward to the ideas and perspectives she will bring to our
leadership team - including from her experience as a Director with
the Methodist Health System - during this transformational time at
Medtronic and in the healthcare industry."
"I am extremely pleased to join Medtronic as CFO,
a company with such a longstanding history and Mission of serving
people with chronic disease around the world," said Parkhill. "It
is a true honor to join a company that is successfully delivering
on this vital Mission, while also providing strong returns for its
shareholders."
Ellis to Continue to Provide Key
Functional Leadership
Ellis is a 27-year veteran of Medtronic and has served as the CFO
since 2005. He will remain a key member of the company's Executive
Committee, report to Ishrak, and will continue his leadership of
the Global Operations, Information Technology and Facilities &
Real Estate functions.
During Ellis' tenure as CFO, the company's market
cap has nearly doubled to over $110 billion. In addition, Ellis
played an instrumental leadership role in the company's recent
Covidien acquisition, the largest ever in the history of the
medical technology industry.
"Although Gary will continue in a critical
leadership role at Medtronic, I cannot thank Gary enough for the
leadership he provided Medtronic over the past 11 years as CFO,"
said Ishrak. "Gary has helped lead Medtronic to tremendous growth
and global expansion over his tenure, which has translated into
extremely meaningful returns for our shareholders. We are grateful
that he will remain with us to help us achieve key integration
objectives of the Covidien acquisition and transition Karen into
the CFO role."
About Karen
Parkhill
Parkhill's financial experience spans more than 25 years. She
joined Comerica in 2011 as CFO and had direct management of
Finance, overseeing Accounting, Business Finance, Corporate
Planning and Development, Investor Relations, Treasury as well as
Economics, with responsibility for all financial
reporting.
Parkhill joined Comerica from JP Morgan Chase
& Co., where she served as CFO for the Commercial Banking
business from 2007 to 2011. She joined JP Morgan in 1992 in the
Investment Bank and held various positions of increasing scope and
responsibility, from an Associate in the Mergers and Acquisitions
Group to a Managing Director in the Investment Banking Coverage
Group.
Parkhill earned bachelor's degrees in business
administration and mathematics from Southern Methodist University
in Dallas and an MBA from the University of Chicago Booth School of
Business. She is a member of the International Women's Forum and
serves as a National Trustee for the Boys and Girls Club of
America. Parkhill was recently named one of the "Top 25 Most
Powerful Women in Banking" by American Banker Magazine.
About Medtronic
Medtronic plc (www.medtronic.com), headquartered in Dublin,
Ireland, is among the world's largest medical technology, services
and solutions companies - alleviating pain, restoring health and
extending life for millions of people around the world. Medtronic
employs more than 85,000 people worldwide, serving physicians,
hospitals and patients in approximately 160 countries. The company
is focused on collaborating with stakeholders around the world to
take healthcare Further, Together.
Any forward-looking statements
are subject to risks and uncertainties such as those described in
Medtronic's periodic reports on file with the Securities and
Exchange Commission. Actual results may differ materially from
anticipated results.
-end-
Contacts:
Fernando Vivanco
Public Relations
+1-763-505-3780
Ryan Weispfenning
Investor Relations
+1-763-505-4626
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Medtronic plc via Globenewswire
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