Medtronic announces Board appointments and shareholder value creation initiatives to advance strategic priorities

Core Viewpoint - Medtronic plc has appointed John Groetelaars and Bill Jellison as independent directors to enhance its strategic focus and operational execution, following constructive engagement with Elliott Management [1][4][5] Group 1: Board Appointments and Committees - John Groetelaars and Bill Jellison have been appointed to the Board of Directors, effective immediately [1] - The Board has formed new Growth and Operating committees to improve strategic portfolio management and capital allocation, with CEO Geoff Martha serving as Chair [2][3] - Groetelaars and Jellison will also serve on one or both of the newly formed committees [2] Group 2: Strategic Focus and Growth Initiatives - The formation of the committees aims to align governance with management's focus on operational improvement and capital allocation [2] - The Growth Committee will guide evaluations of M&A opportunities, R&D investments, and potential divestitures, including the separation of the Diabetes business [6] - The Operating Committee will focus on optimizing operational performance and driving earnings acceleration [6] Group 3: Future Outlook and Investor Engagement - Medtronic plans to host an Investor Day in mid-2026 to discuss strategic priorities and financial algorithms [3] - The company is experiencing strong momentum with multiple growth drivers and plans to launch additional breakthrough therapies [3] - Elliott Management expresses confidence in Medtronic's potential for exceptional value creation through operational improvements and strategic clarity [5] Group 4: New Board Member Backgrounds - John Groetelaars has over 30 years of experience in the medical device sector, previously serving as interim CEO of Dentsply Sirona and CEO of Hillrom [8][9] - William Jellison is a former CFO of Stryker Corporation and has extensive experience in corporate finance within the medical technology industry [10][11]