Medtronic has appointed Chad Spooner as the Chief Financial Officer (CFO) of its diabetes segment, which is set to become a standalone, publicly traded entity named MiniMed. Spooner will step into his new role on July 14, 2024, as part of Medtronic’s strategy to spin off the diabetes business within the next 18 months.
In a recent announcement, Medtronic outlined Spooner’s extensive experience in financial leadership, which spans over 25 years. Prior to this appointment, he served as the CFO for the consumer goods company BIC for five years, where he was instrumental in driving innovation and enhancing operational efficiency. Spooner has also held the CFO position at Slingshot Health, a startup aimed at connecting patients with physicians, and has worked in senior finance roles at GE Energy.
Future Plans for MiniMed
The decision to spin off the diabetes unit was first revealed in May, with the intention of allowing the business to gain the necessary funding and focus to thrive in a competitive marketplace. Once established, MiniMed aims to become the only diabetes technology company that provides both continuous glucose monitors and insulin pumps.
Que Dallara, who currently leads Medtronic’s diabetes division, will transition to the CEO of MiniMed following the separation. He expressed confidence in Spooner’s capabilities, stating, “His financial expertise and leadership will be instrumental as we prepare for our next chapter as an independent company.”
Despite MiniMed’s unique offerings, the market remains competitive. Other companies, including Dexcom, Abbott, and Insulet, have established robust product portfolios and are developing dual-analyte sensors and patch pumps, positioning them as significant players in the diabetes technology landscape.
As Medtronic moves forward with the spin-off, the focus will be on ensuring MiniMed has the resources and strategic direction needed to capture market opportunities and enhance patient care.
