On January 21, 2025, Medtronic plc announced the appointment of Thierry Pieton as Executive Vice President and Chief Financial Officer (CFO), effective March 3, 2025. Thierry Pieton brings extensive financial expertise, having previously held leadership roles at PricewaterhouseCoopers, General Electric, Nissan Motor Company, and Renault. His compensation package includes an $850,000 base salary, an annual incentive plan with a 110% target of his base salary, and a $2 million long-term incentive plan for fiscal 2025, consisting of performance share units, stock options, and restricted stock units.

Additionally, Mr. Pieton will receive a $3 million cash bonus and a one-time restricted stock unit award valued at $2.5 million to compensate for foregone compensation at his previous employer. Other benefits include relocation assistance, an annual allowance, and eligibility for Medtronic's deferred compensation and health plans. His employment is at-will, with severance and change-in-control protections outlined under the company’s policies.

In the interim, Gary Corona will continue to serve as Interim CFO until Mr. Pieton assumes his role. To recognize his contributions, Mr. Corona received a one-time restricted stock unit grant of $1 million, vesting in full after one year.

This transition marks a significant leadership update for Medtronic, positioning the company for continued growth under Mr. Pieton’s financial stewardship.