Medtronic adds board members after Elliott becomes major shareholder - report

Investing.com -- Medtronic PLC (NYSE:MDT) plans to announce the addition of two new independent directors to its board on Tuesday as part of an agreement with activist investor Elliott Investment Management, which has become one of the medical device maker’s largest shareholders, according to the Wall Street Journal.

The company will add med-tech executives John Groetelaars and Bill Jellison to its board when it reports quarterly results Tuesday, the report said, citing people familiar with the matter.

Shares of Medtronic rose over 3% in premarket trading.

Medtronic will also form new special committees focused on growth and operations that will include the new directors and be led by CEO Geoff Martha.

One of the newly formed committees will explore tuck-in acquisition opportunities, R&D investments, and potential divestitures, the report said, adding that the other committee will seek ways to enhance earnings growth.

Medtronic also plans to host an Investor Day event in mid-2026, where it expects to share progress made by the new committees, the report added.

Elliott and Medtronic have been engaged in friendly discussions about ways to boost the company’s valuation and build on ongoing plans to focus on core assets.

The exact size of Elliott’s previously undisclosed stake could not be determined.

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