Name: Wayde McMillan
New title: CFO of 3M Health Care
Previous title: CFO of Insulet
Wayde McMillan plans to step down as CFO and treasurer of Insulet on Oct. 20 to join 3M’s healthcare business, which the company plans to spin off at the end of the year or early 2024. He’s the second high-profile medical device executive to join 3M in recent months, with Zimmer Biomet CEO Bryan Hanson also departing to lead the spinoff.
McMillan previously worked together with Hanson for several years at Covidien, where he was CFO, William Blair analyst Margaret Kaczor wrote in a research note. The announcement came as a surprise, Kaczor said, adding that Hanson had approached McMillan about the opportunity while he was not actively pursuing another role.
McMillan has worked for Insulet since 2019, during a period of growth for the Acton, Massachusetts-based company, which makes insulin patch-pumps. Last year, the company reported $1.3 billion in revenue, an increase from $738.2 million in 2019.
3M Health Care, which is expected to spin out by the end of the year or early 2024, is significantly larger, at $8.6 billion in revenue.
“I am extremely proud of all that we have accomplished together and the progress we’ve made growing the Company,” McMillan said in a statement on Tuesday. “This was a difficult personal decision for me, but also an opportunity to take on new challenges at a large medical device company at a unique time in its evolution.”
Lauren Budden, Insulet’s chief accounting officer and controller, will become interim CFO and treasurer until the company decides on a permanent successor. Budden has worked for the company since 2019 and has more than 25 years of finance and accounting experience.
Insulet reiterated its forecast of 22% to 25% revenue growth for 2023.
“Wayde has helped make our Company stronger and more resilient, ensuring we have the capabilities and financial strength to capitalize on the tremendous long-term growth opportunities Insulet is pursuing,” CEO Jim Hollingshead said in a statement. “On behalf of the Board and our entire team, I thank Wayde for his many contributions and wish him well in his future endeavors.”