Medtronic Chief Financial Officer Karen Parkhill is resigning as the med-tech manufacturer continues to work its way through restructuring and financial challenges.
Parkhill, 58, notified the company of her plans to resign on June 21, with Aug. 2 as her last day. She will then become CFO for California-based HP Inc., a technology company founded as Hewlett-Packard Co.
In May, Medtronic reported net income of $659 million for its fiscal fourth quarter, a sharp drop of 44.5% from a year earlier. Medtronic initiated global layoffs in April 2023 and has continued trimming jobs, including a new round of cuts in early May.
But at least one analyst is not concerned about what Parkhill's exit means for Medtronic.
"While departures such as this can create uncertainty, people can leave companies for any number of reasons, making it imprudent to speculate on the reason for the departure. Therefore, this does not change our view that Medtronic has a strong pipeline and often underappreciated new products," wrote John Boylan, senior equity analyst with St. Louis-based Edward Jones, in a research note.
Parkhill joined Medtronic as executive vice president and CFO in June 2016. A Medtronic proxy filing from last year indicated Parkhill's 2023 salary was $911,000. A filing from HP indicated Parkhill will earn an annual base salary of $950,000 and be eligible for an annual cash bonus of 135% of that. HP called Parkhill a "world-class finance leader."
Medtronic named Gary Corona, senior vice president of global financial planning and analysis, as interim CFO. Corona joined Medtronic in January 2023 after a 26-year career at General Mills. The company, based in Ireland but with operational headquarters in Fridley, is evaluating internal and external candidates to officially succeed Parkhill.
In its announcement of Parkhill's resignation, Medtronic reiterated and affirmed its previously issued financial guidance for the first quarter of the 2025 fiscal year that projected organic revenue growth of around 4%.
