Medtronic hires Parkhill as CFO

Medtronic hired Karen L. Parkhill as the company’s chief financial officer (CFO) on May 4. She will also serve on Medtronic’s executive committee and report to CEO Omar Ishrak.

Parkhill spent the past five years as vice chairman and CFO for Comerica, a financial services company. From 1992 to 2011, she worked at JP Morgan Chase & Co. as an investment banker and CFO for the company’s commercial banking business.

Parkhill will assume her new role at Medtronic on June 20 and succeed Gary L. Ellis, who will remain on Medtronic’s executive committee until retiring in fiscal year 2017. Ellis has worked at Medtronic for 27 years and been its CFO since 2005.

Ellis helped Medtronic complete its $50 billion acquisition of Covidien in January 2015.

Parkhill’s responsibilities at Medtronic will include leading its finance organization and supporting functions such as treasury, controller, tax, internal audit, investor relations, corporate strategy and business development.