Name: Thierry Piéton
Title: CFO, Medtronic
Previous role: CFO, Renault Group
Medtronic said Tuesday that it has hired Thierry Piéton as CFO, starting on March 3. Piéton joins the company from car manufacturer Renault Group, where he has been CFO since 2022.
During Piéton’s time at Renault, the company delivered its highest-ever operating margins and free cash flow, Medtronic said in the announcement. Previously, Piéton held finance roles at Nissan Motor and at GE, including its healthcare business.
Truist Securities analysts wrote in a Tuesday note to investors that the hire comes as consistent margin expansion and accelerated profit growth have been “elusive” for Medtronic. The analysts hope that Piéton can help the company meet its goals for margin expansion.
“We’ve seen changes in leadership in the past at [Medtronic] with mixed outcomes,” the analysts wrote. “This is an important change at the CFO level that could represent a positive change agent.”
Medtronic has been looking for a new finance leader after former CFO Karen Parkhill left for HP in August after eight years in the role.
Gary Corona, who has been serving as interim CFO, will become senior vice president of corporate finance in March and will remain on Medtronic’s executive committee.
Piéton will receive a base salary of $850,000, according to a securities filing. He will also participate in an incentive plan with a target payout of 110% of his salary for 2025. Piéton will receive a $3 million cash bonus to offset foregone compensation from his previous job.