Medtronic Overhauls Strategy, Adds Growth and Operating Committees

In a move to revitalize its growth and operational efficiency, Medtronic PLC has announced several key changes following engagement with activist investor Elliott. As of August 23, 2025, the company has appointed two new board members, John Groetelaars and Bill Jellison, both with extensive medtech experience.

Notably, Medtronic has also formed a Growth Committee and an Operating Committee to address its long-standing challenges. The Growth Committee will focus on portfolio management, including identifying acquisition opportunities and optimizing R&D investments, while the Operating Committee will work to expand gross margins, which have eroded significantly in recent years.

The changes come as Medtronic, the world's largest medtech company, has struggled to maintain its growth momentum. Over the past decade, the company's stock has appreciated just 15%, and it has been down 8% in the last five years, underscoring investor frustration with its performance. Many have attributed Medtronic's lackluster growth to its diversification strategy, in contrast to peers that have pursued depth in focused markets.

With the new committees and board additions, Medtronic is signaling a renewed focus on driving growth and improving operational efficiency. The company's recent spin-off of its diabetes business and the potential of new product launches, such as the PulseSelect ablation system and the Symplicity Spyral renal denervation product, also provide reasons for optimism. However, the true test will be Medtronic's ability to execute on these changes and deliver sustainable, long-term growth for its shareholders.