Name: Chad Spooner
New Title: CFO, MiniMed
Previous Title: CFO, BIC
Medtronic has named Chad Spooner CFO of its diabetes business, beginning July 14. Medtronic plans to spin out the segment into a separate, publicly traded company called MiniMed, with the goal of completing the deal within 18 months.
Spooner has more than 25 years of experience in financial leadership, according to the Tuesday announcement. He was previously CFO of consumer goods company BIC for five years, where he played a key role in a strategy to drive innovation, growth and efficiency. He also was CFO of Slingshot Health, a startup offering a marketplace to connect patients to physicians, and held a senior finance role at GE Energy.
Que Dallara, who leads Medtronic’s diabetes business and will become CEO of MiniMed, said Spooner’s financial expertise and leadership “will be instrumental as we prepare for our next chapter as an independent company.”
Medtronic announced plans to spin out the diabetes unit in May, with the intent of giving the business the funding and focus it needs to reach its full potential in a competitive market. MiniMed would be the only diabetes tech firm to sell both continuous glucose monitors and insulin pumps. However, other companies, including Dexcom, Abbott and Insulet, have strong product portfolios, with plans for dual-analyte sensors and patch pumps.
