Medtronic appoints Chad Spooner as CFO for MiniMed ahead of spinoff

GALWAY, Ireland - Medtronic plc (NYSE:MDT), currently valued at $2.57 billion with a FAIR financial health rating according to InvestingPro, announced Tuesday the appointment of Chad Spooner as chief financial officer of its diabetes business MiniMed, which is preparing to become an independent, publicly traded company.

Spooner, who brings over 25 years of financial leadership experience across multiple sectors, will assume the role effective July 14. He most recently served as CFO at consumer goods company BIC (BB:PA), where he helped drive transformation initiatives focused on innovation and operational efficiency. According to InvestingPro data, he joins at a time when the company’s revenue stands at $533.2 million with a healthy gross profit margin of 74.12%.

"Chad’s deep financial expertise, impressive track record, and proven leadership in driving transformation and growth will be instrumental as we prepare for our next chapter as an independent company," said Que Dallara, EVP and president of Medtronic Diabetes and CEO Designate of MiniMed, in a press release statement. InvestingPro analysis reveals the company operates with a moderate level of debt and maintains strong liquidity, with current assets exceeding short-term obligations by 2.1x.

Prior to BIC, Spooner held CFO positions at Raffaela Apparel Group and Slingshot Health, and co-founded private equity firm Tenex Capital Management. He began his career at General Electric, where he spent a decade in various financial management roles. Spooner holds a BS in Mechanical Engineering from MIT.

Medtronic announced in June that its diabetes business would operate under the MiniMed name following separation, honoring its 40-year history in diabetes care technology. The company expects to complete the separation within 18 months of the initial announcement through a series of capital markets transactions.

MiniMed focuses on technologies for people with intensively managed type 1 and type 2 diabetes who require daily insulin injections, with a stated mission to make diabetes more predictable.

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