Medtronic appoints two directors, forms board committees after Elliott talks
Medtronic plc (NYSE: MDT) appointed John Groetelaars and Bill Jellison as independent directors to its board, effective immediately, the medical device company announced Monday.
The Dublin-based company also formed two new board committees focused on growth and operations. The Growth Committee will oversee merger and acquisition activities, research and development investments, and potential divestitures, including the planned separation of its diabetes business. The Operating Committee will focus on operational 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.
Groetelaars brings over 30 years of medical device experience, most recently serving as interim CEO of Dentsply Sirona. He previously led Hillrom as president and CEO from May 2018 until its acquisition by Baxter International in 2021. The $3 billion revenue company employed more than 10,000 people under his leadership.
Jellison served as chief financial officer at Stryker Corporation from 2013 to 2016 and spent 15 years at Dentsply International in various leadership roles, including CFO. He currently advises Astor Place Holdings and serves on several corporate boards.
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.
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.
Both new directors will stand for election at Medtronic's 2025 annual shareholder meeting.