Medtronic has created a new finance position for its research and development pipeline, hiring longtime Johnson & Johnson executive Eric Lenard to fill it. As Vice President and CFO of Innovation, Development, and Quality, Lenard will oversee how the medical technology company prioritizes and funds new products.
Lenard spent more than two decades at Johnson & Johnson. He most recently served as vice president of global services finance after previously working as vice president of finance and CFO for robotics and digital solutions.
Medtronic CFO Thierry Piéton announced the appointment on LinkedIn as the company increases its spending on new technology. “This role brings Finance even closer to how we prioritize, fund, and execute R&D at enterprise scale,” Piéton wrote. He said the position would also bring more financial discipline and transparency to Medtronic’s product pipeline.
Lenard arrives during a busy year for Medtronic. The company has opened a software development hub in Ireland, combined its cardiovascular businesses into one unit, and moved ahead with the separation of its diabetes business.