Medtronic plc said it will add veteran medical-technology executives John Groetelaars and Bill Jellison to its board after Elliott Investment Management quietly accumulated a stake that makes the activist one of the company’s largest shareholders. The board is also forming two new panels—Growth and Operating committees—to oversee portfolio strategy, operational efficiency and capital allocation, the Dublin-domiciled device maker said. The moves follow what both sides described as constructive discussions. Elliott partner Marc Steinberg called the company “entering a new chapter of value creation,” while Medtronic Chief Executive Officer Geoff Martha said the changes will sharpen the board’s focus on margin expansion and potential divestitures, including the planned separation of the diabetes unit. Alongside the governance overhaul, Medtronic reported first-quarter fiscal 2026 results that topped expectations. Adjusted earnings were $1.26 a share on revenue of $8.58 billion, beating analysts’ estimates of $1.23 and $8.38 billion, respectively, with adjusted operating margin improving to 23.6%. The company raised its full-year adjusted profit outlook to $5.60-$5.66 a share from $5.50-$5.60, maintained a forecast for roughly 5% organic revenue growth and said it now expects lower tariff costs than previously assumed.