After Elliott's investment, Medtronic will adjust its board of directors.

After the activist investment company Elliott Management Corporation purchased shares of Medtronic, the company plans to expand its board of directors. Reports citing sources familiar with the matter said that the medical device manufacturer plans to announce board adjustments later on Tuesday while releasing its financial report. To enhance the company's valuation, Medtronic will appoint industry veterans John Groetral and Bill Jellison as independent directors. The company also plans to establish a special committee focused on growth and operations, with Groetral and Jellison joining these committees, which will be led by CEO Jeffrey Martha.