HP Taps Medtronic Executive Karen Parkhill As New CFO

‘HP’s transformation over the past eight years has been extraordinary to watch, and I look forward to working with a stellar team of professionals to advance the shared goal of creating long-term sustainable growth,’ says Karen Parkhill, who has been Medtronic’s CFO since 2016.

HP Inc. has appointed Medtronic executive Karen Parkhill as its new CFO, replacing Marie Myers, who left in January to serve the same role for Hewlett Packard Enterprise.

The Palo Alto, Calif.-based company said on Wednesday that Parkhill, who has been the CFO of global health care tech giant Medtronic since 2016, will start in her new role in early August.

[Related: How Enrique Lores Is Turning HP Into A Hybrid Work Powerhouse]

At that time, Tim Brown, who has been serving as HP’s interim CFO since Myers’ departure, will return to his role as head of print finance, according to the PC and print giant.

Enrique Lores, HP’s president and CEO, said Parkhill will play a key role in the company’s Future Ready strategy, which has involved making up to 6,000 job cuts by 2025 while the company invests in growth areas like hybrid work, peripherals and gaming.

On top of those growth areas, Lores has pushed to make AI a key part of the company’s strategy across its portfolio, from PCs and printers to software and services.

“Karen’s wealth of experience across finance and leadership in helping to drive growth through innovation make her a tremendous addition to the HP leadership team,” Lores said in a statement. “As we advance our Future Ready strategy, Karen is uniquely positioned to drive our financial model and operational rigor. She will be pivotal in working across the business to drive growth and create value for our stakeholders. We are thrilled to welcome her to HP.”

Parkhill spent the first 19 years of her career at New York-based bank giant JPMorgan Chase, where she started as an associate working on mergers and acquisitions and climbed the ladder to eventually become CFO of the company’s commercial bank division.

She then spent five years at vice chairman and CFO of Dallas, Texas-based regional commercial bank Comerica Bank.

In 2016, she was appointed executive vice president and CFO of Minneapolis, Minn.-based Medtronic, which has more than 95,000 employees across 150 countries.

“I am excited to join HP at such a pivotal time for the company and the industry,” Parkhill said in a statement. “HP’s transformation over the past eight years has been extraordinary to watch, and I look forward to working with a stellar team of professionals to advance the shared goal of creating long-term sustainable growth.”

Parkhill is currently a director on American Express’ board, where she serves on the credit card giant’s risk committee. Previously, she has been a member of the International Women’s Forum, a national trustee for the Boys and Girls Club of America, a director of the Methodist Health System’s board, and an executive board member for the Southern Methodist University School of Business, according to HP.