Medtronic Appoints CFO Ahead of Diabetes Unit Spin-Off

Medtronic has appointed Chad Spooner as CFO of MiniMed, the diabetes division set to become a standalone public company within 18 months. This move is part of Medtronic's plan to separate its diabetes business to create a more focused portfolio, enhancing shareholder value and accelerating profitable growth. Spooner brings over 25 years of financial leadership experience, including roles as CFO at BIC and senior positions at General Electric. MiniMed, led by CEO Que Dallara, aims to innovate diabetes care for type 1 and type 2 patients, focusing on simplifying insulin management. The separation is expected to be accretive to Medtronic's earnings and operating margin, with a generally tax-free transition for shareholders. Medtronic's strong recent financial performance, including a 7% stock price increase and a dividend hike, underscores investor confidence amid broader market uncertainties.