"Medtronic Appoints CFO for Diabetes Spinoff, MiniMed, to Enhance Focus and Funding in Competitive Market"

Chad Spooner has been named the CFO of Medtronic’s diabetes business, MiniMed, starting July 14. Medtronic plans to spin out the segment into a separate publicly traded company within 18 months. Spooner brings over 25 years of financial leadership experience, previously serving as CFO of BIC and Slingshot Health, and in a senior finance role at GE Energy.

Que Dallara, who currently leads Medtronic’s diabetes business, will become CEO of MiniMed. Medtronic’s decision to spin out the diabetes unit aims to provide the business with the necessary funding and focus to thrive in a competitive market. MiniMed will be the only diabetes tech firm selling both continuous glucose monitors and insulin pumps, competing with companies like Dexcom, Abbott, and Insulet.

Medtronic’s announcement to spin out the diabetes unit reflects a strategic move to enhance focus and funding for the business to reach its full potential in a competitive market. MiniMed will have a unique position as the only diabetes tech firm offering both continuous glucose monitors and insulin pumps, competing with other companies with strong product portfolios including dual-analyte sensors and patch pumps.

Read more at Yahoo Finance: Medtronic names CFO for diabetes spinoff