Medtronic plc (NYSE: MDT) announced that its Board of Directors approved the appointment of Michael Marinaro as President of Medtronic, effective October 14, 2026.

Marinaro, who previously served as Executive Vice President and President of Medical Surgical Portfolio, Americas, and Global Commercial Operations, will retain his current responsibilities while also taking on oversight of the company's Greater China operations. The Greater China business will continue to be managed locally by Alex Gu, Senior Vice President and President, Greater China. Marinaro will continue to report to Geoffrey S. Martha, who remains Chairman of the Board and Chief Executive Officer.

In connection with the appointment, Medtronic's Compensation and Talent Committee approved changes to Marinaro's compensation. His annual base salary was increased to $1,000,000 for fiscal year 2027, with a target annual incentive opportunity equal to 100% of his base salary under the Medtronic Incentive Plan.

The committee also approved supplemental long-term incentive awards for fiscal year 2027 with an aggregate target value of approximately $3.25 million, to be granted on November 2, 2026. The awards consist of a performance share unit award valued at $1.625 million, a stock option award valued at $975,000, and a restricted stock unit award valued at $650,000, all issued under the company's 2021 Long-Term Incentive Plan.

The performance share units will vest on April 27, 2029, based on company performance from fiscal year 2027 through fiscal year 2029. The stock options will vest in four equal annual installments beginning August 3, 2027, with a ten-year term. The restricted stock units will vest in full on August 3, 2029.