Medtronic completes MiniMed split with 253M shares
The expanded role adds Greater China oversight while Alex Gu continues to manage the region locally.
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Form Type
8-K
Rhea-AI Filing Summary
Medtronic plc (MDT) completed its separation of MiniMed Group, Inc. after the exchange offer settled. Medtronic elected to exchange its remaining 252,813,348 MiniMed common shares in the offer, which was 5.4x subscribed.
The board appointed Michael Marinaro, Executive Vice President and President, Medical Surgical Portfolio, Americas, and Global Commercial Operations, as President, Medtronic, effective October 14, 2026. He retains his current responsibilities and adds oversight responsibility for Greater China, which Alex Gu, Senior Vice President and President, Greater China, continues to manage locally.
For fiscal 2027, Marinaro’s annual base salary increased to $1,000,000, and his target annual incentive remains 100% of base salary. Supplemental long-term awards, to be granted November 2, 2026, have an aggregate target value of approximately $3.25 million. Shareholders elected 12 directors, ratified the auditor appointment in a non-binding vote, approved named-executive compensation in a non-binding advisory vote, and approved the share-authority and overseas-purchase proposals.
Filing Explained
Although Medtronic reports MiniMed’s separation complete, the exchange agent will credit newly issued MiniMed shares in book-entry form to holders whose Medtronic shares were accepted; cash for fractional shares will follow aggregation and sale.
8-K Event Classification
4 items: 5.02, 5.07, 7.01, 9.01
4 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 5.07
Submission of Matters to a Vote of Security Holders
Governance
Results of a shareholder vote on proposals at an annual or special meeting.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
MiniMed common shares elected for exchange: 252,813,348 shares
Exchange offer subscription: 5.4x
Annual base salary: $1,000,000
+5 more
8 metrics
MiniMed common shares elected for exchange
252,813,348 shares
Medtronic’s remaining MiniMed interest included in the exchange offer
Exchange offer subscription
5.4x
Subscription level of the exchange offer
Annual base salary
$1,000,000
For all of fiscal year 2027
Target annual incentive opportunity
100% of annual base salary
Michael Marinaro’s target opportunity
Supplemental long-term awards aggregate target value
Approximately $3.25 million
Fiscal year 2027 awards to be granted November 2, 2026
Performance share unit award target value
$1.625 million
Supplemental fiscal year 2027 long-term award
Stock option award grant date value
$975,000
Supplemental fiscal year 2027 long-term award
Restricted stock unit award value
$650,000
Supplemental fiscal year 2027 long-term award
Key Terms
exchange offer, performance share unit award, restricted stock unit award, pre-emption rights, +1 more
5 terms
exchange offer financial
"exchange offer relating to the separation of MiniMed Group, Inc. had settled"
An exchange offer is a proposal where a company asks investors to swap existing securities, like bonds or shares, for new ones, often with different terms or maturity dates. It matters to investors because it can affect the value of their holdings and the company's financial strategy, potentially providing benefits like better interest rates or reduced debt.
restricted stock unit award financial
"restricted stock unit award with a value of $650,000"
A restricted stock unit award is a promise by a company to give an employee a specified number of company shares at a future date if certain conditions are met, such as staying with the company or hitting performance goals. For investors, these awards matter because they can increase the total number of shares outstanding when converted, diluting existing holders, and they align employees’ incentives with shareholders’ interests much like giving a rising bonus that becomes real only after conditions are satisfied.
pre-emption rights regulatory
"opt out of pre-emption rights under Irish law"
A shareholder’s right to be offered new shares before they are sold to outsiders, allowing existing owners to buy enough to keep their ownership percentage. Think of it like being offered the first slice of a pie so your share doesn’t shrink; it matters to investors because it protects voting power and economic value from being diluted when a company issues more stock, and it can affect how easy or costly fundraising is.
book-entry form technical
"newly issued shares of MiniMed common stock in book-entry form"
A book-entry form is an electronic record showing ownership of securities instead of a paper certificate; think of it like a bank account ledger that notes who owns shares. It matters to investors because it makes buying, selling and transferring securities faster, safer and cheaper by reducing paperwork, loss or forgery risk, and enabling easier settlement through brokers or a central depository.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What happened to MDT’s MiniMed separation?
Medtronic completed the separation of MiniMed Group, Inc. after the exchange offer settled. Medtronic elected to exchange its remaining 252,813,348 MiniMed common shares in the offer, which was 5.4x subscribed.
Who is Medtronic’s new president, and what is his fiscal 2027 compensation?
Michael Marinaro was appointed President, Medtronic, effective October 14, 2026. His annual base salary increased to $1,000,000 for fiscal 2027, and his target annual incentive opportunity remains 100% of annual base salary. Supplemental long-term awards to be granted November 2, 2026, have an aggregate target value of approximately $3.25 million.
When do Michael Marinaro’s supplemental awards vest?
The performance share unit award is scheduled to vest April 27, 2029, based on Medtronic’s fiscal 2027 through fiscal 2029 performance. The stock option award vests in four equal annual installments beginning August 3, 2027, and has a ten-year term. The restricted stock unit award vests in full on August 3, 2029.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 15, 2026
_____________________________
Medtronic plc
(Exact name of Registrant as Specified in its Charter)
_____________________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
+353 1 438-1700
(Registrant’s telephone number, including area code)
| Not Applicable | ||
| Former name or former address, if changed since last report | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers | ||||
On October 15, 2026, the Board of Directors (the "Board") of Medtronic plc (the “Company”) approved the appointment of Michael Marinaro, Executive Vice President and President, Medical Surgical Portfolio, Americas, and Global Commercial Operations to the role of President, Medtronic, effective October 14, 2026. In this expanded role, Mr. Marinaro will continue with his current responsibilities, in addition to exercising oversight responsibility for the Company’s Greater China operations, which will continue to be managed locally by Alex Gu, Senior Vice President and President, Greater China. Mr. Marinaro will continue to report to Geoffrey S. Martha, who will continue to serve as the Company’s Chairman of the Board of Directors and Chief Executive Officer.
In connection with Mr. Marinaro’s appointment as President, Medtronic, the Compensation and Talent Committee (the "Committee") of the Board approved changes to his compensation, including an increase in Mr. Marinaro's annual base salary to $1,000,000 for all of fiscal year 2027. Mr. Marinaro's target annual incentive opportunity under the Medtronic Incentive Plan will continue to equal 100% of his annual base salary. In addition, the Committee approved supplemental fiscal year 2027 long-term incentive awards with an aggregate target value of approximately $3.25 million, consisting of (i) a performance share unit award with a target value of $1.625 million, (ii) a stock option award with a grant date value of $975,000 and (iii) a restricted stock unit award with a value of $650,000, each to be granted on November 2, 2026 pursuant to the Company’s 2021 Medtronic plc Long-Term Incentive Plan (the "Plan"). The performance share unit award will vest on April 27, 2029 based on the Company’s fiscal year 2027 through fiscal year 2029 performance. The stock option award will vest in four equal annual installments beginning August 3, 2027, and will have a ten-year term. The restricted stock unit award will vest in full on August 3, 2029. The awards are subject to the terms and conditions of the applicable award agreements and the Plan.
| Item 5.07. | Submission of Matters to a Vote of Security Holders | ||||
On October 15, 2026, the Company held its Annual General Meeting in order to: (1) elect, by separate resolutions, twelve directors, each to hold office until the 2027 Annual General Meeting of the Company and until his or her successor is elected; (2) ratify, in a non-binding vote, the appointment of PricewaterhouseCoopers LLP as the Company’s independent auditor for fiscal year 2027 and authorize, in a binding vote, the Company’s Board of Directors, acting through the Audit Committee, to set the auditor’s remuneration; (3) approve, in a non-binding advisory vote, the compensation of the Company's named executive officers; (4) renew the Board’s authority to issue shares; (5) renew the Board’s authority to opt out of pre-emption rights; and (6) authorize the Company and any subsidiary of the Company to make overseas market purchases of Medtronic ordinary shares.
At the close of business on August 21, 2026, the record date for the Annual General Meeting, 1,279,980,861 Company ordinary shares, par value $0.0001 per share (“ordinary shares”), were outstanding and entitled to vote. The holders of a total of 1,116,484,432 ordinary shares were present at the Annual General Meeting, either in person or by proxy, constituting a quorum.
The final voting results and the votes used to determine the results for each proposal are set forth below:
1.The shareholders elected, by separate resolutions, each of the twelve nominees to the Board of Directors to hold office until the 2027 Annual General Meeting of the Company and until his or her successor is elected, as follows:
| FOR | AGAINST | ABSTAIN | BROKER NON-VOTE | ||||||||||||||||||||||||||
| Craig Arnold | 836,722,939 | 162,390,057 | 2,507,270 | 114,864,166 | |||||||||||||||||||||||||
| Scott C. Donnelly | 936,917,038 | 64,069,780 | 633,448 | 114,864,166 | |||||||||||||||||||||||||
| Lidia L. Fonseca | 951,681,008 | 48,656,066 | 1,283,192 | 114,864,166 | |||||||||||||||||||||||||
| John P. Groetelaars | 945,082,041 | 55,865,998 | 672,227 | 114,864,166 | |||||||||||||||||||||||||
| Randall J. Hogan, III | 957,360,867 | 43,601,371 | 658,028 | 114,864,166 | |||||||||||||||||||||||||
| William R. Jellison | 992,612,800 | 8,359,017 | 648,449 | 114,864,166 | |||||||||||||||||||||||||
| Joon S. Lee, M.D. | 990,968,796 | 10,046,047 | 605,423 | 114,864,166 | |||||||||||||||||||||||||
| Gregory P. Lewis | 983,300,542 | 17,675,905 | 643,819 | 114,864,166 | |||||||||||||||||||||||||
| Kevin E. Lofton | 990,233,684 | 10,780,071 | 606,511 | 114,864,166 | |||||||||||||||||||||||||
| Geoffrey S. Martha | 932,823,586 | 65,265,168 | 3,531,512 | 114,864,166 | |||||||||||||||||||||||||
| Elizabeth G. Nabel, M.D. | 948,053,173 | 53,008,869 | 558,224 | 114,864,166 | |||||||||||||||||||||||||
| Kendall J. Powell | 883,777,900 | 116,166,175 | 1,676,191 | 114,864,166 | |||||||||||||||||||||||||
2. The shareholders ratified, in a non-binding vote, the appointment of PricewaterhouseCoopers LLP as Medtronic’s independent auditor for fiscal year 2027 and authorized, in a binding vote, the Board of Directors, acting through the Audit Committee, to set the auditor’s remuneration.
| FOR | AGAINST | ABSTAIN | ||||||||||||
| 1,008,390,318 | 107,394,197 | 699,917 | ||||||||||||
3. The shareholders approved, in a non-binding advisory vote, the compensation of the Company’s named executive officers.
| FOR | AGAINST | ABSTAIN | BROKER NON-VOTE | |||||||||||||||||
| 936,336,164 | 62,496,763 | 2,787,339 | 114,864,166 | |||||||||||||||||
4. The shareholders approved renewal of the Board’s authority to issue shares under Irish law.
| FOR | AGAINST | ABSTAIN | ||||||||||||
| 1,100,821,210 | 14,299,857 | 1,363,365 | ||||||||||||
5. The shareholders approved renewal of the Board’s authority to opt out of pre-emption rights under Irish law.
| FOR | AGAINST | ABSTAIN | ||||||||||||
| 1,036,661,831 | 75,816,920 | 4,005,681 | ||||||||||||
6. The shareholders authorized the Company and any subsidiary of the Company to make overseas market purchases of Medtronic ordinary shares.
| FOR | AGAINST | ABSTAIN | ||||||||||||
| 1,081,959,682 | 31,665,910 | 2,858,840 | ||||||||||||
| Item 7.01. | Regulation FD Disclosure | ||||
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01. | Exhibits. | ||||
(d) List of Exhibits
| Exhibit Number | Description | |||||||
| 99.1 | Press Release dated October 15, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Medtronic plc | ||||||||||||||||||||
| Date: October 19, 2026 | By | /s/ Michelle Quinn | ||||||||||||||||||
| Michelle Quinn | ||||||||||||||||||||
| Executive Vice President, General Counsel and Corporate Secretary | ||||||||||||||||||||
Exhibit 99.1
Medtronic Completes Separation of MiniMed Group, Inc.
GALWAY, Ireland, October 15, 2026 – Medtronic plc (Medtronic; NYSE: MDT) today announced the completion of its separation of MiniMed Group, Inc. (MiniMed; Nasdaq: MMED).
“I’m incredibly proud of what MiniMed and Medtronic have accomplished together and the meaningful difference we’ve made in the lives of people with diabetes,” said Geoff Martha, Medtronic Chairman and Chief Executive Officer. “Today’s separation marks an important milestone for both companies as each moves forward with a clear strategic focus. For Medtronic, that means putting the full weight of our organization behind advancing innovation and fueling growth across our Cardiovascular, Neuroscience and Surgical portfolios.”
As separately announced yesterday, Medtronic has elected to exchange all of its remaining interest in MiniMed (totaling 252,813,348 shares of MiniMed common stock) in its previously announced offer to exchange shares of MiniMed common stock for outstanding Medtronic ordinary shares, which was 5.4x subscribed. The separation of MiniMed from Medtronic is now complete.
Full details of the results of the exchange offer are available in a separate press release issued yesterday. The exchange agent will promptly credit newly issued shares of MiniMed common stock in book-entry form to accounts maintained by the MiniMed transfer agent for tendering shareholders whose Medtronic ordinary shares were accepted in the exchange offer. Checks in lieu of fractional shares of MiniMed common stock will be delivered after the exchange agent has aggregated all fractional shares and sold them in the open market.
Goldman Sachs & Co. LLC and BofA Securities, Inc. served as dealer managers for the exchange offer.
About Medtronic
Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary.
Cautions Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties, including risks related to the expected effects on Medtronic and MiniMed of the exchange offer, the anticipated benefits of the exchange offer, Medtronic’s ability to successfully realize the anticipated benefits from the separation (including consummating the transaction on a basis that is generally tax-free to shareholders for U.S. federal income tax purposes), MiniMed’s ability to succeed as an independent publicly traded company, competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of medical products, government regulation, geopolitical conflicts, changing global trade policies, general economic conditions, and other risks and uncertainties described in Medtronic’s and MiniMed’s periodic reports on file with the SEC including their most recent respective Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. In some cases, you can identify these statements by forward-looking words or expressions, such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “looking ahead,” “may,” “plan,” “possible,” “potential,” “project,” “should,” “going to,” “will,” and similar words or expressions, the negative or plural of such words or expressions and other comparable terminology. Actual results may differ materially from anticipated results. Medtronic does not undertake to update its forward-looking statements or any of the information contained in this press release, including to reflect future events or circumstances.
Contacts:
Justin Paquette
Public Relations
+1-612-271-7935
Ingrid Goldberg
Investor Relations
+1-763-505-2696