(Reuters) -Medtronic CFO Karen Parkhill will leave the medical device maker to join HP Inc (NYSE as CFO amid the PC industry's recovery from its prolonged post-pandemic slump .
Parkhill, who spent the last eight years as chief financial officer at medtronic (NYSE:), will join HP on August 5, succeeding Marie Myers, who left the PC maker for server maker Hewlett Packard Enterprise (NYSE:).
Parkhill previously served as CFO of commercial banking at JP Morgan and held other leadership positions.
His appointment comes at a crucial time for the industry, with companies like HP Inc. and Dell (NYSE betting on PCs with artificial intelligence to drive the industry's recovery after a years-long post-pandemic crisis.
In an interview last month, HP CEO Enrique Lores told Reuters he expected about 10% of HP's PC sales to come from these “ai PCs” in the second half of the company's fiscal year 2024.
Parkhill's departure 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 a sign of something,” said Vijay Kumar, analyst at Evercore ISI.
Gary Corona, senior vice president of global financial planning and analysis, will serve as interim CFO of the medical device maker following Parkhill's departure.
Medtronic shares fell 1.3% in morning trading. They have fallen approximately 9% in the last 12 months.
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