(Reuters) -Medtronic said on Tuesday it would add two new directors to its board after Elliott Investment Management became one of its largest shareholders.
Separately, Medtronic raised its fiscal 2026 adjusted profit forecast to between $5.60 and $5.66 per share, from $5.50 to $5.60 per share, and said it expects a smaller impact of about $185 million from U.S. President Donald Trump’s tariffs for the year, versus $200 million to $350 million it had forecast previously.
The medical-device maker will add veteran med-tech executives John Groetelaars and Bill Jellison as independent directors.
It also plans to form two new committees, helmed by CEO Geoff Martha and focusing on growth and operations, that will include the new directors.
The Wall Street Journal first reported the news of the board additions on Tuesday.
One of the new panels will seek tuck-in mergers and acquisitions, research and development investments and potential divestitures, while the other will look for ways to boost earnings growth.
The company will also host an investor day in mid-2026, where it expects to detail the new committees’ progress.
Shares of the Galway, Ireland-based company were down 1.7% in premarket trading.
(Reporting by Puyaan Singh and Kamal Choudhury in Bengaluru; Editing by Janane Venkatraman and Pooja Desai)
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