Medtronic plc (MDT, Financial) has announced the appointment of Thierry Pieton as its new Executive Vice President and Chief Financial Officer, effective March 3, 2025. Pieton brings a wealth of experience from his previous roles at General Electric, Nissan Motor Company, and Renault, S.A., where he served as Chief Financial Officer.
Pieton's initial annual base salary will be $850,000, and he will participate in the Medtronic Incentive Plan with a target payout of 110% of his annual base salary for fiscal year 2025. Additionally, he will be part of the company's 2021 Long-Term Incentive Plan, with awards totaling $2 million for fiscal year 2025. These awards include performance share units, stock options, and restricted stock units.
To compensate for foregone compensation at his previous employer, Pieton will receive a $3 million cash bonus, payable in three installments. He will also be granted a one-time restricted stock unit award valued at $2.5 million, vesting over three years.
Pieton will be subject to Medtronic's Stock Ownership Policy, requiring him to retain 50% of after-tax shares until he holds company stock valued at three times his annual salary. He will also receive relocation and commuter benefits, an annual allowance for automobile use and other expenses, and eligibility for the company's deferred compensation plan.
In addition to Pieton's appointment, Medtronic's Compensation Committee has approved a one-time restricted stock unit grant of $1,000,000 to Gary Corona, the Interim Chief Financial Officer, recognizing his leadership and contributions. Corona will continue in his interim role until Pieton's effective start date.
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