Que Dallara
Executive Vice President and President, Diabetes at MDT
Executive
About Que Dallara
Que Dallara is Executive Vice President and President of Medtronic’s Diabetes Operating Unit; she joined Medtronic in May 2022 after serving as President & CEO of Honeywell Connected Enterprise and as SVP/Chief Commercial Officer at Honeywell, with prior strategy and GM roles at TE Connectivity and Microsoft. She holds a B.S. in Applied Mathematics, a B.Com in Finance (University of New South Wales), and an MBA from INSEAD . MarketScreener lists her age as 51 and notes she concurrently serves as an independent director at Lattice Semiconductor . During FY25, Medtronic delivered $33.5B revenue (+4.9% organic), GAAP EPS $3.61 (+31%), non-GAAP EPS $5.49 (+6%; +10% cc), and a FY25 total shareholder return of 9.1% versus 8.3% for the S&P 500; operating margin expanded 190 bps and free cash flow was $5.2B .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Honeywell | President & CEO, Honeywell Connected Enterprise | 2018–2022 | Led software business; drove portfolio transformation and growth in enterprise software, data analytics, IoT |
| Honeywell | SVP & Chief Commercial Officer | 2017–2019 | Led strategy, marketing, sales excellence, pricing, product innovation |
| TE Connectivity | SVP, Corporate Strategy & Analytics | 2015–2017 | Led strategic growth process, performance management, big data analytics; prior GM roles |
| Microsoft | Sr. Director, Strategy/M&A/Integration | Prior to TE | Drove strategy and M&A governance for Consumer Software & Services |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Lattice Semiconductor | Independent Director | 2023–present | Board member; governance and technology oversight |
Fixed Compensation
- Medtronic’s 2025 proxy does not list Que Dallara among Named Executive Officers; individual base salary, bonus, or equity grant values for her are not disclosed. Skip section due to non-disclosure .
Performance Compensation
Company program constructs that govern senior executive incentives and shape pay-for-performance alignment (used for NEOs and senior leadership) are below.
Annual Incentive (MIP) – FY25 Team Scorecard and Outcomes
| Metric | Weight | Target | Actual | Payout Contribution |
|---|---|---|---|---|
| Organic Revenue Growth YoY | 33% | 4.9% | 4.9% | 33% |
| Non-GAAP Diluted EPS | 33% | $5.57 | $5.53 | 32% |
| Free Cash Flow ($mm) | 33% | $5,750 | $5,185 | 28% |
| Quality Modifier | n/a | Multiple quality objectives | Achieved 100% | 100% modifier applied |
| Total Company Funding | — | — | — | 93% of target |
- FY25 MIP pool funded at 93% based on company metrics; Quality was a non-financial modifier set at 100% after achieving all quality goals .
Long-Term Incentives (LTIP) – Design and FY23–FY25 PSU Payout
| Component | Weight | Measure | Payout Range | FY23–FY25 Result | FY23–FY25 Payout |
|---|---|---|---|---|---|
| PSUs | 50% | 3-yr avg organic revenue growth | 0–200% | 4.07% vs 5% target | 90.67% weighted portion |
| PSUs | 50% | Relative TSR vs S&P 500 Health Care Equipment | 0–200% | 28th percentile | 56% weighted portion |
| ROIC Modifier | — | Downward-only | -30% if below threshold | No modification | n/a |
| Total PSU Payout | — | — | — | — | 73.34% |
Vesting and Vehicles
- Stock Options: 10-year term; vest 25% annually over 4 years; exercise price equals grant-date close .
- RSUs: Cliff vest 100% at 3 years (annual awards); special new-hire RSUs may vest pro-rata over 3 years .
- PSUs: 3-year performance period; independent measurement of revenue growth and relative TSR; dividend equivalents accrue and settle based on actual performance .
Equity Ownership & Alignment
- Company policies prohibit hedging and pledging of Medtronic securities by NEOs and directors; policy language extends prohibitions to “others” in certain practices (margin purchases, borrowing against securities) .
- Executive stock ownership guidelines require CEO at 6x salary and other NEOs at 3x salary; retention requirements until guidelines met; compliance measured annually (NEO framework) .
- RSU and option award transfer restrictions; clawback policies cover incentive and equity compensation for misconduct and accounting restatements .
Note: Beneficial ownership, vested/unvested breakdown, and pledging status specific to Que Dallara are not disclosed in the 2025 proxy; skip detailed holdings .
Employment Terms
- Start date: Joined Medtronic in May 2022 as EVP & President, Diabetes Operating Unit .
- Change-of-control: Medtronic’s executive change-of-control policy is double-trigger (termination without cause or resignation for good reason within 3 years post-CoC); benefits include 3x salary+highest annual bonus, plus accelerated vesting subject to replacement award conditions; no excise tax gross-ups (subject to cut-down) .
- Severance practices: For covered Section 16 officers, involuntary termination without cause provides 2x salary plus lesser of target or forecast MIP, welfare benefits; equity continuation varies by agreement (example frameworks shown for NEOs) . Individual contract terms for Dallara are not disclosed; skip specifics.
Performance & Track Record
| Area | Evidence |
|---|---|
| Diabetes business scale and growth | ~$2.8B diabetes business; double-digit growth six consecutive quarters; large $16B global addressable market . |
| Pipeline and approvals | CGM: Simplera Sync ramp (U.S. limited launch fall; EU launched; targeting ≥5x volume vs last year) . Algorithm: FDA clearance for SmartGuard as interoperable automated glycemic controller (ACE/iAGC), enabling Abbott Instinct sensor integration; expansion to insulin-requiring type 2 adults . Broader Medtronic FY25: ~130 regulatory approvals across key geographies . |
| Manufacturing ramp | Plan to double Q2 production vs Q1 and double H2 vs H1; underpinning U.S. demand and product transitions . |
| Strategic separation | CEO-designate of newly named MiniMed (planned separation); staffing CFO and leadership team ahead of IPO/split; separation targeted ~15 months from Aug 2025 (initial 18 months, updated to ~15 months) . |
Board Governance (External)
- Lattice Semiconductor: Independent Director since November 2023 .
Say-on-Pay & Shareholder Feedback (Company context)
- 2024 Say‑on‑Pay approval: 92.93%, supporting pay-for-performance design; committee continues shareholder engagement .
Compensation Peer Group (Company context)
- 24-company comparator across Health Care, Industrials, IT, Consumer Staples; used to calibrate competitive pay ranges and incentive design; updates enacted for FY26 .
Investment Implications
- Execution leverage: Dallara’s software-and-analytics background plus MedTech domain focus is aligned to the diabetes “super-cycle” of innovation (CGM options, AID, SMART MDI, upgraded form factors, unified digital experience), a key driver of growth and margin expansion in the separation window .
- Separation catalyst: MiniMed separation within ~15 months can be a value-creation event for MDT shareholders (EPS accretion, margin uplift) and a new DTC-focused pure‑play with aligned investor base, creating event-driven trading opportunities around regulatory, carve-out and marketing milestones .
- Compensation alignment and governance: Company-wide incentive metrics (revenue, EPS, FCF, quality) and PSU design (3‑yr growth/relative TSR with ROIC modifier) reinforce shareholder alignment; prohibitions on hedging/pledging and robust clawbacks mitigate misalignment and risk .
Notes and Omissions
- Individual pay details, ownership breakdown, pledging/hedging activity, and specific employment contract terms for Que Dallara are not disclosed in MDT’s 2025 proxy; analysis relies on company-level frameworks and public leadership materials and earnings disclosures .