Medtronic PLC (NYSE:MDT) said Tuesday it appointed two independent directors to its board, effective immediately, after talks with activist investor Elliott Investment Management, one of its largest shareholders.
The Dublin-based firm said it will add med-tech executives John Groetelaars and Bill Jellison to its board effective immidietly.
Medtronic has set up two new board committees to sharpen its focus on growth and operations. The Growth Committee will oversee M&A, R&D, and divestitures, while the Operating Committee will target performance improvements and margin expansion.
Chief Executive Officer Geoff Martha will chair both committees, with the newly appointed directors serving on one or both panels.
The appointments follow discussions with Elliott Investment Management, which has become one of Medtronic’s largest investors.
Elliott Partner Marc Steinberg said the firm believes Medtronic is positioned for "exceptional value creation" through accelerating growth and operational improvements.
The medical technology company also reported adjusted earnings per share of $1.26 for the quarter ended July 25, exceeding analyst estimates of $1.23.
Revenue reached $8.6 billion, comfortably beating the consensus forecast of $8.38 billion and representing an 8.4% increase as reported and 4.8% organic growth compared to the same period last year.
Following the strong performance, Medtronic raised its fiscal 2026 earnings guidance to between $5.60 and $5.66 per share, up from its previous range of $5.50 to $5.60 and above analyst expectations of $5.55.
The company maintained its full-year organic revenue growth forecast of approximately 5%.
Medtronic plans to host an investor day in mid-2026 to discuss the work of the new committees and the company’s strategic priorities and financial targets.
Source :
https://www.investing.com/news/stock-market-news/medtronic-adds-board-members-after-elliott-becomes-major-shareholder--report-4199469
