Insulet CFO to step down to join 3M's healthcare business

Insulet Corp (PODD.O) said on Tuesday Wayde McMillan would step down as the medical device maker's chief financial officer, effective Oct. 20, to join 3M's (MMM.N) healthcare business.

McMillan would join 3M as the financial chief of its healthcare business, which the U.S. industrial conglomerate plans to spin off into a listed company.

3M expects to complete the planned spinoff, which it disclosed last year, by the end of 2023.

Insulet also reaffirmed its annual forecast for sales of its insulin pumps and total revenue.

The company expects full-year revenue growth of 22% to 25%, compared with its previous forecast of 18% to 22% growth. It sees total sales growth of its insulin delivery devices, Omnipod, to be at 25% to 28%, compared with its previous projection of 21% to 25% rise.

Reporting by Sriparna Roy in Bengaluru; Editing by Shilpi Majumdar.

Comment! It's anonymous!

11 replies (most recent on top)

Re: Just because someone is “not from GE”, does not imply that he/she is competent!

Agreed. But given he is "not from GE" is encouraging and gives many hope. GE alumni are 1-trick ponies and poor ones at that. Have you seen the stock price?

Each time these top management roles get allocated to non-GE and non-3M people, I breath a sigh of relief. At least now, there is no chance for Money-money to jump to Healthcare. Just hope that they fill up the VP positions with people who have the right mindset, experience and expertise to run a proper healthcare company.

Great CFO is set. Now BOD and key mgmt - few will be legacy MMm hopefully

@2lkm+1oXCRi2W

LOL

Just because someone is “not from GE”, does not imply that he/she is competent! There are plenty of un-desirable leaders at companies other than GE as well! Just saying hombre! … no reason to start celebrating yet!

I clicked on this thinking insulet was a demeaning term for the 3M CFO and was disappointed to see this is just some other company’s CFO taking a new job.

Yup, GE management style is the industrial version of STIs that Wall Street actively pushes to spread it around.

The fact that this is a GE-free hire should be music to Wall Street's ears! Keep up the great work, BH!

Brian is bringing his own boys on to the executive ranks at the Healthcare spin! Makes one wonder how the incoming CFO of a 1.5B company will adjust to a 8.5B company! It’s gonna be S Show anyways

Not choosing yet another Jack Welch puppet is a brilliant move. Well done, SpinCo.

Looks like a good choice (non-GE).

Thread regarding 3M layoffs

Insulet CFO to step down to join 3M's healthcare business

11 replies (most recent on top)

Post a reply