Medtronic named Karen L. Parkhill executive vice president and CFO.
Here are five key notes:
1. Ms. Parkhill's new position will be effective June 20, 2016. She will succeed Gary L. Ellis and report to CEO Omar Ishrak. Mr. Ellis became Medtronic's CFO in 2005 and during his tenure the company's market share nearly doubled to more than $110 billion.
2. Medtronic conducted an external search processes to hire the new CFO.
3. After transitioning out of the CFO role, Mr. Ellis will remain on the Medtronic Executive Committee and assist in Ms. Parkhill's transition. He'll also lead key functions within his portfolio of responsibilities.
4. Ms. Parkhill was the vice chairman and CFO for Comerica for five years before accepting the role with Medtronic. She has been a member of Comerica's Management Executive Committee and Comerica Bank Board of Directors.
5. In her new role with Medtronic, Ms. Parkhill will serve on the company's executive committee and lead the global finance organization and key supporting functions such as treasury, controller, tax, internal audit, investor relations, corporate strategy and business development.