Insulet CFO to step down, join 3M’s healthcare business By Reuters

Insulet CFO to step down, join 3M’s healthcare business By Reuters

© Reuters. The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. The company has been contracted by the U.S. government to produce extra masks in response to the country’s novel coronavirus outbreak. Picture taken March 4, 20

(Reuters) -Insulet Corp said on Tuesday Wayde McMillan would step down as the medical device maker’s chief financial officer, effective Oct. 20, to join 3M’s healthcare business.

McMillan will join 3M as the financial chief of its unit, which the U.S. industrial conglomerate plans to spin off into a listed company.

3M expects to complete the planned spinoff, which it disclosed last year, by the end of 2023.

The unit focuses on wound care, oral care and healthcare technology.

Insulet (NASDAQ:) on Tuesday also reaffirmed its annual forecast for sales of its insulin pumps and total revenue. The company in August had raised its revenue growth forecast to 22% to 25%, and outlook for total sales growth of its insulin delivery devices, Omnipod, to 25% to 28%.

Insulet’s accounting chief, Lauren Budden, will assume the additional responsibilities of interim CFO until a permanent successor is appointed, the medical device maker said.

Shares of Insulet were up 1.4% in extended trading.

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