Medtronic's longtime CFO Karen Parkhill to leave, join HP

FILE PHOTO: Medtronic Plc logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Medtronic finance chief Karen Parkhill will depart the medical device maker to join HP Inc as CFO amid the PC industry's recovery from its extended post-pandemic slump.

Parkhill, who spent the last eight years as CFO at Medtronic, will join HP on Aug. 5 and succeed Marie Myers, who left the PC maker for server maker Hewlett Packard Enterprise.

Parkhill has previously served as CFO for commercial banking at JP Morgan and has held several other leadership roles.

Her appointment comes at a pivotal time for the industry, with companies like HP Inc. and Dell betting on AI PCs to drive recovery in the industry after a years-long post-pandemic slump.

In an interview last month, HP CEO Enrique Lores told Reuters that he expected about 10% of HP's PC sales to come from such "AI PCs" in the second half of the company's fiscal 2024.

Parkhill's exit comes months after Medtronic, as part of a turnaround, decided to exit its unprofitable ventilator product line within its patient monitoring and respiratory interventions (PMRI) business.

"The key question for investors is whether Karen’s decision to move to another company that is having growth challenges is signaling anything," Evercore ISI analyst Vijay Kumar said.

Gary Corona, senior vice president, global financial planning and analysis, will serve as interim finance chief of the medical device maker upon Parkhill's departure.

Medtronic's shares were down 1.3% in morning trading. They have fallen roughly 9% in the past 12 months.

(Reporting by Sneha S K in Bengaluru; Editing by Shailesh Kuber and Tasim Zahid)