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Medtronic Welcomes Karen L. Parkhill as Its New Chief Financial Officer

(GLOBE NEWSWIRE via COMTEX) -- Gary Ellis to Remain on Medtronic Executive Committee

Until Retirement in Fiscal Year 2017

DUBLIN - May 4, 2016 - Medtronic plc MDT, +0.30% announced today the appointment of Karen L. Parkhill as executive vice president and chief financial officer (CFO), effective June 20, 2016. Parkhill will succeed Gary L. Ellis in the CFO role and will report to Medtronic CEO Omar Ishrak.

Today's announcement concludes an external search process conducted by the company to ensure a seamless succession of the CFO portion of Ellis's current responsibilities. As part of his planned succession, Ellis will remain on the Medtronic Executive Committee, assist with the transition of the CFO office, and will continue to lead the other key functions within his portfolio of responsibilities until his retirement.

Parkhill joins Medtronic from Comerica Incorporated CMA, +0.00% where she served as vice chairman and CFO for the past five years. Parkhill was a member of Comerica's Management Executive Committee and the Comerica Bank Board of Directors. She is also a member of the Board of Directors for the Methodist Health System in Dallas.

In her role as Medtronic's CFO, she will serve on the company's Executive Committee and be responsible for leading the Medtronic global finance organization and key supporting functions, including Treasury, Controller, Tax, Internal Audit, Investor Relations, Corporate Strategy, and Business Development.

"I am delighted to add someone with Karen's deep expertise and insights to the Medtronic leadership team," said Omar Ishrak, Medtronic chairman and CEO. "Given Karen's extensive background across all of the major disciplines within finance, and her direct experience as an investment banker, CFO at JP Morgan's Commercial banking business, and CFO at Comerica, I am...


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