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Ex-Comerica CFO Parkhill Moves to Medtronic

Karen Parkhill, one of American Banker's Most Powerful Women in Banking, takes over as finance chief of the medical device maker.
Katie Kuehner-HebertMay 4, 2016

Karen L. Parkhill has landed in a new position at medical device maker Medtronic after resigning as CFO of Comerica Bank.

At Medtronic, Parkhill will replace current finance chief Gary L. Ellis, who is retiring. Comerica announced on Tuesday that Parkhill — who in 2015 was named as one of American Banker’s Most Powerful Women in Banking — had resigned as its CFO, naming chief auditor David Duprey as her successor.

“I am delighted to add someone with Karen’s deep expertise and insights to the Medtronic leadership team,” CEO Omar Ishrak said Wednesday in a news release. “I look forward to the ideas and perspectives she will bring to our leadership team … during this transformational time at Medtronic and in the healthcare industry.”

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Ellis has served as CFO since 2005. Until his retirement, he will remain on Medtronic’s executive committee, assist with the transition of the CFO office, and continue to lead the other key functions within his portfolio of responsibilities.

Parkhill joined Comerica in 2011 from JP Morgan Chase, where she worked for 19 years, serving as CFO for the New York City firm’s commercial banking business. She also sits on the board of the Methodist Health System in Dallas.

“I am extremely pleased to join Medtronic, a company with such a longstanding history and mission of serving people with chronic disease around the world,” she said.

According to American Banker, the reshuffling at Comerica “took place days after a testy meeting with shareholders. Several major investors traveled to Dallas last week to publicly express frustrations over the company’s lagging performance and to urge directors to consider a sale.”

The company recently hired Boston Consulting Group to help find ways to boost profitability as it struggles with low interest rates and a growing number of bad oil loans.