Mike Richards, CEO, Treasury Recruitment Company: Welcome to this week’s Treasury Career Corner podcast. We’re interviewing treasury professionals about their careers. Each week, I talk to treasurers about how they built their careers, where they are now, and where they see both themselves and the treasury profession going next.
In this week’s show, I’m joined by Tim Husnik, Senior Treasury Director at Medtronic. Medtronic has reimagined the treatment of more than 70 complex and challenging conditions, from Parkinson’s to diabetes, bringing healthcare solutions to more people in more places. They’re a global healthcare technology leader with more than 95,000 people working across 150 countries. Their healthcare technologies transform the lives of two people every second, every hour of every day.
We’ve got an interesting chat with Tim because we’ve known each other for many years, but finally, I’ve got him on the podcast. So looking forward to this. I know we’ll touch on things like AI later in the show, but Tim, you didn’t have the typical introduction to treasury and finance. Could you share how you started your career and then discovered the world of treasury? Over to you, sir.
Tim Husnik, Senior Treasury Director, Medtronic: I was a very creative person in my earlier life. As a kid, I was always drawing, painting, and doing photography. When computers came out, I was really into computer art and digital art. I actually found myself attending a four-year Bachelor of Fine Arts program at the Minneapolis College of Art and Design. I’ve always been a creative person and continue to be one, just in a different way now.
After graduation, I started at Wells Fargo, supporting intranet websites, building websites, doing graphic design, and creating user manuals for finance systems. In that role, I supported various business finance systems and realized I knew a lot about those systems but not much about finance itself. A manager took a risk on me, and I jumped into a finance role at Wells Fargo. I continued leveraging my creativity to stand out, learn, and grow in this new space, which ultimately kickstarted my career.
Mike Richards: When you started at Wells Fargo, it was during the financial crisis—an intense period for anyone. I’ve been in treasury recruitment through several crises, but for you, it was the beginning of your career. What was that like?
Tim Husnik: It was definitely an intense period. During 2008–2009, banks were compressing expenses significantly. My role was to help technology and operations teams set, meet, and cut budgets to trend expenses downward. There was immense pressure to do more with less.
I managed to maintain my role as the finance footprint at Wells Fargo reduced, continuing to provide value to the teams and businesses I supported. My creativity and problem-solving skills were key—I helped teams find innovative solutions. While it was a challenging time, it pushed me to grow. During my first tenure there, I also started a part-time MBA program at the University of Minnesota, realizing the importance of formal training in finance for my corporate aspirations.
Mike Richards: After your MBA, what drew you to treasury, specifically at Medtronic?
Tim Husnik: Medtronic was heavily recruiting on campuses and had a strong presence in Minnesota. I interviewed with Sheila Quintus, now the Treasurer of Medtronic, and began my treasury career as a foreign currency risk management analyst. My strong data management skills made me a good fit for that role, which involved mining ERP data and managing exposure data—skills I had honed at Wells Fargo.
Mike Richards: What was Medtronic like 12 years ago compared to now?
Tim Husnik: When I joined, the treasury team was small, with just eight people. A few years later, Medtronic acquired Covidien in a $50 billion deal, merging our Minnesota-based company with an East Coast company. As part of this merger, I stepped into a senior treasury manager role and built out the FX team to manage the combined companies’ foreign currency risks. Both Medtronic and Covidien operated in over 150 countries, with significant foreign currency exposure. It was an exciting challenge to develop a robust, combined risk management framework.
Mike Richards: Can you explain Medtronic’s background for those who might not be familiar?
Tim Husnik: Medtronic’s roots go back to the 1950s when Earl Bakken invented the world’s first battery-powered pacemaker in his garage. This innovation revolutionized cardiovascular health and led to the development of implantable pacemakers. Today, Medtronic is a leader in cardiovascular products, diabetes management solutions, and other healthcare technologies, constantly pushing boundaries in innovation.
Mike Richards: You’ve transformed Medtronic’s FX risk processes from manual to best practice. What was that like?
Tim Husnik: When I started, FX risk management involved manual processes—three people working 10-hour days compiling data in Excel. It was time-consuming and error-prone. Over time, we invested in technology that automated these processes. Now, what used to take 30 hours is done in 10 minutes through interconnected systems—our ERP, treasury management system, and trading platform all work seamlessly. This evolution didn’t happen overnight; it took several phases of investment and reassessment, but it’s been transformative.
Mike Richards: You’ve won awards for these innovations. What does that recognition mean to you and your team?
Tim Husnik: Early in my career, winning awards was personally rewarding—a way to benchmark our work against others. Now, as a leader, it’s about recognizing the team’s efforts and showcasing Medtronic as an innovative company. Awards validate that we’re setting new standards and pushing boundaries in treasury, which is empowering for the team and aligns with Medtronic’s culture of innovation.
Mike Richards: You mentioned doing more with less. How do you manage that effectively?
Tim Husnik: When faced with team turnover or budget pressures, the first step is identifying tasks we can stop doing. Often, processes are continued out of habit rather than necessity. Once core priorities are clear, we focus on streamlining and simplifying, leveraging technology to maintain high performance with fewer resources. This approach forces innovation and ensures we’re working smarter.
Mike Richards: AI and technology are advancing rapidly. How do you see these impacting treasury?
Tim Husnik: AI is a game-changer. At Medtronic, we have an internal GPT tool for employees to safely analyze data and build tools. Personally, I use AI for everything from automating reports to drafting white papers from presentation transcripts. AI reduces the time spent on routine tasks, allowing us to focus on strategic initiatives. For treasury professionals, embracing AI is critical—it’s not about fear but about learning to use these tools effectively.
Mike Richards: You’ve stayed at Medtronic for 12 years. What’s kept you there?
Tim Husnik: I believe in finding a role where your talent aligns with your passion. For me, that’s treasury. I’ve enjoyed every role here, and the ability to innovate, make an impact, and work on challenging projects has kept me engaged. If you find a job you love, where you lose track of time because you’re so immersed, it’s worth staying and growing within that role.
Mike Richards: Finally, what advice would you give treasury professionals navigating these changes?
Tim Husnik: Stay curious and embrace innovation. Use AI and other tools to explore new ways of working. If you’re unsure where to start, ask the tools themselves for guidance. The key is translating these innovations into meaningful impacts for your organization.
Mike Richards: Tim, thank you so much for sharing your insights. It’s been great to dive into your career journey, your innovations, and your thoughts on AI. I look forward to catching up again soon, hopefully before AFP in Boston next year. Thank you!
Tim Husnik: Thank you, Mike. It’s been a pleasure.
