Insulet Announces CFO Transition
October 03 2023 - 4:15PM
Business Wire
Reaffirms Guidance for Third Quarter and Fiscal
Year 2023
Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the
global leader in tubeless insulin pump technology with its Omnipod®
brand of products, today announced that Wayde McMillan has decided
to step down from his role as Executive Vice President, Chief
Financial Officer and Treasurer, effective October 20, 2023. Mr.
McMillan will join 3M as Chief Financial Officer of its Health Care
business, which 3M has announced it plans to spin off into an
independent company. Lauren Budden, Group Vice President, Chief
Accounting Officer and Controller, will assume the additional
responsibilities of Interim CFO and Treasurer until a permanent
successor is appointed. Ms. Budden joined Insulet in April 2019 and
is a seasoned executive with more than 25 years of finance and
accounting experience. Insulet has initiated a search process to
identify the Company’s next CFO.
“Wayde has been a trusted partner to me and an excellent leader
of our global finance team, helping to advance our mission of
improving the lives of people with diabetes,” said Jim
Hollingshead, President and Chief Executive Officer. “Wayde has
helped make our Company stronger and more resilient, ensuring we
have the capabilities and financial strength to capitalize on the
tremendous long-term growth opportunities Insulet is pursuing. On
behalf of the Board and our entire team, I thank Wayde for his many
contributions and wish him well in his future endeavors.”
Mr. McMillan said, “It has been an honor to be a part of Insulet
and work alongside such a talented team to deliver on our mission.
I am extremely proud of all that we have accomplished together and
the progress we’ve made growing the Company. This was a difficult
personal decision for me, but also an opportunity to take on new
challenges at a large medical device company at a unique time in
its evolution. I am confident that Insulet is extremely well
positioned to continue driving growth, profitability, and value
creation, and I look forward to watching the Company’s continued
success.”
Mr. Hollingshead concluded, “We are fortunate to have someone of
Lauren’s caliber step into the role of Interim CFO. Lauren is
highly regarded throughout our Company and has extensive knowledge
of our financials and global operations. We are confident that
Lauren, with the support of our experienced finance team, is well
equipped to support the continued execution of our strategic
priorities.”
The Company is also reaffirming its previously announced Total
Omnipod and Total Company revenue guidance for the third quarter
and full year 2023, and gross margin and operating margin guidance
for full year 2023, as outlined in Insulet’s second quarter 2023
earnings announcement on August 8, 2023.
About Lauren Budden
Lauren Budden has served as Group Vice President, Chief
Accounting Officer and Controller of Insulet since March 2022. She
joined Insulet in 2019 as Vice President, Chief Accounting Officer
and Controller. Prior to Insulet, Ms. Budden was Vice President and
Chief Accounting Officer at Gulf Oil, a privately held distributor
of motor fuels. Previously, Ms. Budden held roles of increasing
responsibility at Medtronic plc, a global medical device company,
and Covidien plc, a global healthcare products company and
manufacturer of medical devices and supplies acquired by Medtronic
in 2015, including Vice President, Financial Planning and Analysis
for Medtronic’s Minimally Invasive Therapies Group, and Vice
President, External Reporting at Covidien. Ms. Budden began her
career with PricewaterhouseCoopers, a multinational professional
services brand of firms. She received her Bachelor of Science from
Boston College and a Master of Business Administration from the
University of Massachusetts, Amherst. Ms. Budden is a Certified
Public Accountant.
About Insulet Corporation:
Insulet Corporation (NASDAQ: PODD), headquartered in
Massachusetts, is an innovative medical device company dedicated to
simplifying life for people with diabetes and other conditions
through its Omnipod product platform. The Omnipod Insulin
Management System provides a unique alternative to traditional
insulin delivery methods. With its simple, wearable design, the
tubeless disposable Pod provides up to three days of non-stop
insulin delivery, without the need to see or handle a needle.
Insulet’s flagship innovation, the Omnipod 5 Automated Insulin
Delivery System, integrates with a continuous glucose monitor to
manage blood sugar with no multiple daily injections, zero
fingersticks, and can be controlled by a compatible smartphone or
Omnipod 5 Controller. Insulet also leverages the unique design of
its Pod by tailoring its Omnipod technology platform for the
delivery of non-insulin subcutaneous drugs across other therapeutic
areas. For more information, please visit: insulet.com and
omnipod.com.
Forward-Looking Statement:
This press release may contain forward-looking statements
concerning Insulet's expectations, anticipations, intentions,
beliefs, or strategies regarding the future. These forward-looking
statements are based on its current expectations and beliefs
concerning future developments and their potential effects on
Insulet. There can be no assurance that future developments
affecting Insulet will be those that it has anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond its control) or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements, and other risks and uncertainties described in its
Annual Report on Form 10-K, which was filed with the Securities and
Exchange Commission on February 24, 2023 in the section entitled
"Risk Factors," and in its other filings from time to time with the
Securities and Exchange Commission. Should one or more of these
risks or uncertainties materialize, or should any of its
assumptions prove incorrect, actual results may vary materially
from those projected in these forward-looking statements. Insulet
undertakes no obligation to publicly update or revise any
forward-looking statements.
©2023 Insulet Corporation. Omnipod is a registered trademark of
Insulet Corporation.
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version on businesswire.com: https://www.businesswire.com/news/home/20231003374847/en/
Investor Relations: Deborah R. Gordon Vice President, Investor
Relations (978) 600-7717 dgordon@insulet.com
Media: Angela Geryak Wiczek Senior Director, Corporate
Communications (978) 932-0611 awiczek@insulet.com
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