By John Meyer, consultant in financial affairs – Eurasia Business News, January 21, 2025. Article No 1391.

Medtronic plc (NYSE: MDT) has announced the appointment of Thierry Piéton as its new Chief Financial Officer (CFO), effective March 3, 2025. Piéton will report directly to Medtronic’s Chairman and CEO, Geoff Martha, and will join the company’s Executive Committee. He succeeds Gary Corona, who has been serving as interim CFO since the resignation of Karen Parkhill last summer.

Background of Thierry Piéton

Previous Role: French Thierry Piéton comes from Renault Group, where he held the position of CFO since March 2022. Under his leadership, Renault achieved significant financial milestones, including record operating margins and improved free cash flow.

Experience: His extensive background includes roles at Nissan Motor Co., General Electric, and PricewaterhouseCoopers (PwC). This diverse experience spans various industries and regions, equipping him with a robust understanding of financial leadership in regulated environments.

Responsibilities at Medtronic

As CFO, Piéton will oversee the global finance organization at Medtronic, which includes key functions such as Treasury, Internal Audit, Investor Relations, and Corporate Strategy. His appointment is seen as a strategic move to enhance Medtronic’s financial operations amidst pressures to improve profit margins and drive innovation.

Compensation

Piéton’s compensation package includes:

  • An annual base salary of $850,000.
  • Participation in an incentive plan that could yield a payout of up to 110% of his base salary for fiscal year 2025.
  • A one-time cash bonus of $3 million for forgone compensation from Renault.
  • An award of $2.5 million in restricted shares to compensate for unvested equity from his previous role.

Geoff Martha expressed confidence in Piéton’s abilities, highlighting his track record in delivering growth and margin improvement aligned with Medtronic’s financial objectives.

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Medtronic plc, headquartered in Galway, Ireland, is a global healthcare technology company. Medtronic plc is an American-Irish medical device company. The company’s operational and executive headquarters are in Minneapolis, Minnesota, and its legal headquarters are in Ireland due to its acquisition of Irish-based Covidien in 2015.

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© Copyright 2025 – Eurasia Business News. Article no. 1391.