Ashley McEvoy named Insulet CEO
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Name: Ashley McEvoy
New title: CEO, Insulet
Previous title: Board member, Procter & Gamble
Insulet has named Ashley McEvoy as CEO, starting on Monday. The high-profile medical device executive, who led Johnson & Johnson's medtech business for several years, has been tasked with continuing growth at the insulin pump maker.
Former CEO Jim Hollingshead resigned from his role and Insulet's board on Monday after nearly three years with the company. Hollingshead will stay on as a consultant for an undisclosed amount of time.
Insulet's board mutually agreed with Hollingshead that now is the right time to implement the leadership transition, the company said in a statement.
BTIG analyst Marie Thibault wrote that while the firm was 'surprised by the suddenness of the announcement,' a meeting with Insulet's investor relations team confirmed the decision was related to succession planning and had nothing to do with Hollinghead's performance. Hollingshead stepped into the CEO role in 2022 after former leader Shacey Petrovic left for personal reasons. He had been on Insulet's board since 2019.
Board Chairman Timothy Scannell said in a statement that Insulet's board had been searching for a 'dynamic executive with a sophisticated understanding of the MedTech market and a passion for improving lives.' He touted McEvoy as a 'world-class leader,' noting her nearly three decades of healthcare leadership experience and insight into medtech and consumer health.
In comments on LinkedIn, McEvoy said Insulet's mission 'resonates deeply' with her, reflecting on her experiences giving insulin shots to her late grandfather and the challenges many patients still face in getting the technology and support they need.
J.P. Morgan analyst Robbie Marcus said in a research note that McEvoy is expected to 'bring a more sophisticated level of communication' to Insulet and help the company prepare for the next phase of growth. Looking at McEvoy's track record at J&J, Marcus wrote 'the picture is mixed,' noting some businesses thrived while others underperformed peers.
McEvoy held executive roles at J&J between 1996 and 2023. She was J&J's worldwide chairman of medtech for more than five years, leading a business that reported more than $30 billion in revenue in 2023. Under her leadership, J&J MedTech made more than $22 billion in acquisitions, entered new markets in heart failure and vision, and started a robotics business.
McEvoy left the company in October 2023 to pursue other opportunities. Months later, The Wall Street Journal reported McEvoy's comments in a Fortune magazine profile that she would be interested in a CEO role did not go well among J&J's leaders. J&J and McEvoy did not comment in the article.
At Insulet, McEvoy will lead a fast-growing company that makes insulin patch pumps for people with diabetes. Insulet has outpaced competitors such as Tandem Diabetes Care and Medtronic by offering a tubeless pump.
The company launched its newest insulin pump, the Omnipod 5, in 2022 for people with Type 1 diabetes. Last year, Insulet received an expanded indication to use the pump as part of an automated insulin delivery system for people with Type 2 diabetes. AID systems pair insulin pumps with glucose sensors to automatically adjust insulin delivery based on users' blood glucose levels.
Insulet reported revenue of $2.1 billion in 2024, a 22% increase year over year. The company said on Monday that it expects to raise its previous forecast of 16% to 20% revenue growth in 2025. Insulet plans to share more details in a May 8 earnings call.
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