Medtronic appointed Michael Marinaro as Medtronic president effective October 14, 2026, expanding his responsibilities to include oversight of Greater China while Geoffrey S. Martha remains chairman and chief executive officer. Separately, the company completed its separation of MiniMed on October 15, ending its remaining ownership interest in the diabetes-care business.
Key Takeaways
- Marinaro retains his existing responsibilities and adds Greater China oversight; Martha remains CEO.
- The completed MiniMed separation leaves Medtronic focused on its Cardiovascular, Neuroscience and Surgical portfolios.
- Marinaro’s fiscal 2027 compensation includes a $1 million base salary and approximately $3.25 million in supplemental long-term incentive awards.
Table of Contents
- Medtronic president role expands Marinaro’s remit
- MiniMed separation ends Medtronic’s remaining stake
- Compensation changes include planned November awards
- Shareholders approve annual meeting resolutions
- Conclusion
Medtronic president role expands Marinaro’s remit
Marinaro will retain his responsibilities as executive vice president and president of the Medical Surgical Portfolio, Americas, and Global Commercial Operations. He will continue to report to Martha.
The additional Greater China oversight does not replace local leadership. Alex Gu, senior vice president and president of Greater China, will continue to manage those operations locally. The appointment therefore broadens Marinaro’s remit without changing the company’s chief executive.
| Item | Details |
|---|---|
| Performance share units | $1.625 million target value; vesting on April 27, 2029, based on fiscal 2027–2029 performance. |
| Stock options | $975,000 grant-date value; four equal annual vesting installments beginning August 3, 2027, with a ten-year term. |
| Restricted stock units | $650,000 value; vesting in full on August 3, 2029. |
MiniMed separation ends Medtronic’s remaining stake
Medtronic’s announcement confirming the MiniMed separation states that the transaction was complete on October 15, 2026. The company exchanged its entire remaining interest of 252,813,348 MiniMed shares through an offer that was 5.4 times subscribed.
Martha said the separation would allow Medtronic to put its organization behind innovation and growth across its Cardiovascular, Neuroscience and Surgical portfolios. That is management’s strategic objective, rather than a reported financial benefit from the transaction.
The announcement said the exchange agent would credit MiniMed shares to accounts for shareholders whose Medtronic shares were accepted. Payments in place of fractional MiniMed shares were to follow aggregation and sale of those fractions in the market.
Compensation changes include planned November awards
The board’s Compensation and Talent Committee approved a $1 million annual base salary for Marinaro for all of fiscal 2027. His target annual incentive remains 100% of base salary; that target is not a guaranteed payout.
The committee also approved approximately $3.25 million in supplemental fiscal 2027 long-term incentive awards, scheduled to be granted on November 2, 2026, under the company’s 2021 Long-Term Incentive Plan. The awards have different vesting conditions, with the performance shares tied to fiscal 2027 through fiscal 2029 results.
Shareholders approve annual meeting resolutions
At the October 15 annual general meeting, shareholders elected 12 directors to serve until the 2027 meeting and ratified PricewaterhouseCoopers LLP as fiscal 2027 independent auditor. They also authorized the board, through its Audit Committee, to set the auditor’s remuneration.
Shareholders approved executive compensation in a non-binding advisory vote, renewed authority to issue shares and opt out of pre-emption rights under Irish law, and authorized overseas market purchases of Medtronic ordinary shares. The purchase authorization permits transactions; it does not establish that any purchases occurred.
Conclusion
The leadership appointment and MiniMed separation are complete. The next specified compensation milestone is the planned November 2, 2026 grant of Marinaro’s supplemental long-term incentive awards.
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