Medtronic has announced the appointment of Chad Spooner as Chief Financial Officer (CFO) for its diabetes segment, named MiniMed, effective July 14, 2023. This decision comes as the company prepares to spin out its diabetes business into a separate, publicly traded entity, aiming for completion within the next 18 months.
Spooner brings over 25 years of financial leadership experience to the role. Prior to joining Medtronic, he served as CFO for BIC for five years, where he was integral to strategies designed to enhance innovation, expand growth, and improve efficiency. His background also includes serving as CFO at Slingshot Health, a startup focused on connecting patients with physicians, as well as holding a senior finance position at GE Energy.
In a statement regarding Spooner’s appointment, Que Dallara, who heads Medtronic’s diabetes division and will assume the role of CEO at MiniMed, expressed confidence in Spooner’s capabilities. He stated that Spooner’s financial expertise and leadership “will be instrumental as we prepare for our next chapter as an independent company.”
The decision to spin out the diabetes unit was first announced in May 2023. Medtronic aims to provide the business with the necessary funding and focus to maximize its potential in an increasingly competitive market. Once established, MiniMed will be unique in offering both continuous glucose monitors and insulin pumps for diabetes management.
Despite this strategic move, MiniMed will face significant competition from established players in the industry, including Dexcom, Abbott, and Insulet, all of which have strong product lines and plans for innovative technologies such as dual-analyte sensors and patch pumps.
As the diabetes care landscape evolves, Medtronic is positioning MiniMed to leverage its expertise and product offerings to thrive in the market. The transition to an independent entity is seen as a critical step towards achieving these objectives.
