Medtronic Expands Board After Elliott Buys Stake, Outlook Raised

Medtronic Plc will expand its board after Elliott Investment Management became one of its biggest investors. The medical device maker also reported profit that beat estimates and lifted full-year earnings guidance.

Medtronic said the changes “follow constructive engagement” with the activist firm. Medtronic will appoint medical technology veterans John Groetelaars and Bill Jellison as independent directors as part of efforts to boost its valuation. Special committees focused on growth and operations will also be established.