-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. McMillan will continue to serve as Executive Vice President, Chief Financial Officer and Treasurer until the end of his current contract on October 20, 2023. Mr. McMillan will be joining 3M in the role of Chief Financial Officer of the company’s Health Care business, which 3M has stated it intends to spin off into its own independent company. Lauren Budden, who now serves as Group Vice President, Chief Accounting Officer, and Controller, will take on the additional responsibilities of Interim CFO and Treasurer in the time leading up to the appointment of a permanent successor. Ms. Budden is a seasoned executive who brings with her more than 25 years of experience in finance and accounting. She started working for Insulet in April of this year. Insulet has started the process of looking for a new Chief Financial Officer for the company.
“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 of the company. “Our mission is to improve the lives of people with diabetes.” “Wayde has assisted in making our company stronger and more resilient, ensuring that we have the capabilities and financial strength necessary to capitalise on the tremendous long-term growth opportunities that Insulet is pursuing.” I would like to take this opportunity to express my gratitude to Wayde for all of the valuable contributions he has made to our organisation and to wish him the best of luck in all of his future endeavours.
Mr. McMillan shared his thoughts by saying, “It has been an honour to be a part of Insulet and work alongside such a talented team to deliver on our mission.” I feel an overwhelming sense of pride for all that we have achieved as a team as well as the headway we have made in expanding our business. This was a challenging personal decision for me to make, but at the same time, it presented an opportunity to take on new tasks at a huge medical device firm during a pivotal point in its development. Insulet is exceptionally well positioned to continue driving growth, profitability, and wealth creation, and I am optimistic that they will be able to do so. I look forward to following the company’s progress as it continues to be successful.
In conclusion, Mr. Hollingshead stated, “We are extremely fortunate to have someone of Lauren’s calibre step into the role of Interim Chief Financial Officer.” Lauren is held in extremely high esteem throughout our Company and possesses a vast amount of information regarding both our global operations and financial matters. We have full faith that Lauren, along with the assistance of our highly experienced financial staff, will be able to provide the necessary support to ensure the smooth continuation of the execution of our strategic initiatives.
The Company is also reiterating its previously announced revenue guidance for both Total Omnipod and Total Company for the third quarter and for the full year 2023, as well as its guidance for both gross margin and operating margin for the full year 2023, which was detailed in Insulet’s earnings announcement for the second quarter of 2023 on August 8, 2023.
