Medtronic has appointed Chad Spooner as the Chief Financial Officer (CFO) of its diabetes division, set to begin on July 14, 2023. This significant move comes as Medtronic plans to spin off its diabetes segment into a standalone publicly traded entity named MiniMed. The company aims to finalize this transition within the next 18 months.
Spooner brings over 25 years of financial leadership experience to the role. Prior to this appointment, he served as CFO for BIC, a consumer goods company, for five years. During his tenure at BIC, Spooner was instrumental in implementing strategies that drove innovation, growth, and operational efficiency. His prior roles also include serving as CFO for Slingshot Health, a startup designed to connect patients with healthcare providers, and holding a senior finance position at GE Energy.
Que Dallara, who leads Medtronic’s diabetes business and is set to become CEO of MiniMed, emphasized the importance of Spooner’s financial acumen. He stated that Spooner’s leadership will be “instrumental as we prepare for our next chapter as an independent company.” This leadership transition is expected to position MiniMed effectively in a competitive landscape.
Medtronic announced its intention to separate the diabetes unit in May 2023, aiming to provide the business with the necessary focus and funding to maximize its potential in the evolving diabetes technology market. Once the spinoff is complete, MiniMed will distinguish itself as the only diabetes technology company that offers both continuous glucose monitoring systems and insulin pumps.
The market for diabetes technology remains highly competitive, with established players such as Dexcom, Abbott, and Insulet also vying for market share. These companies are actively developing advanced products, including dual-analyte sensors and innovative patch pumps. As MiniMed prepares for its launch as a separate entity, its strategic direction and financial management will be crucial in navigating this competitive environment.
