Johnson & Johnson and Medtronic Announce Significant Board Appointments to Drive Strategic Growth and Shareholder Value

Medtronic

Announcement of Board Appointments and Measures to Enhance Shareholder Value

Medical technology company Medtronic has appointedJohn Groetelaars and Bill Jellison as independent directors of its board, and established two new committees to enhance shareholder value.

The Growth Committee will review acquisitions, R&D investments, asset divestitures, and oversee the planned divestiture of the diabetes business; the Operations Committee will drive operational efficiency, supply chain improvements, and margin enhancement. CEO and Chairman Jeff· Martha, who will serve as the chair of both committees, stated: "I am delighted to welcome John and Bill to the Medtronic Board of Directors—they each bring decades of relevant experience as executives and directors of publicly traded companies in the medical technology industry, driving company growth. John’s leadership in global operational management and Bill’s deep financial expertise will also be of great value to the board."

He added:"With the addition of these new board members and the establishment of these two new committees, we are accelerating our strategic growth priorities and advancing the simplification and optimization of our operations."

This appointment was made in conjunction with Elliott Investment Management, one of the largest investors in Medtronic (Elliott Investment Management) after negotiations. Marc Steinberg, a partner at Elliott Investment Management, stated: "Our decision to become one of the largest investors in Medtronic is based on our firm belief that the company is entering a new chapter of extraordinary value creation, characterized by accelerated growth, improved operations, and enhanced strategic clarity."

Grootlaars has over thirty years of leadership experience, most recently serving as the president of Dentsply Sirona (Dentsply Sirona) interim CEO and former Hillrom CEO; Jelison brings deep financial expertise, having served as CFO of Stryker and Dentsply International. Medtronic plans to outline the committee's progress and strategic priorities at its mid-2026 investor day.

Johnson & Johnson

Welcome New Board Members

Johnson & Johnson elected John, the retired chairman, president, and chief executive officer of Weber Company.·John Morikis Joins the Board of Directors

Johnson & Johnson today announced that John Morikis, retired Chairman, President and Chief Executive Officer of Sherwin-Williams Company, has been elected as a member of the company's board of directors.

Joaquin Duato, Chairman and Chief Executive Officer of Johnson & Johnson· Joaquin Duato said, "We warmly welcome John to join the company's board of directors. He is an experienced leader of large multinational companies with a deep understanding of global markets and complex supply chains. His unique perspective and ability to drive technology-driven innovation will be a valuable asset to Johnson & Johnson as we continue to provide the next generation of healthcare innovations for patients."

John·Moulik said, "I have always admired Johnson & Johnson's innovation, leadership, and commitment to patients worldwide in the healthcare field. I am honored to join the Johnson & Johnson Board of Directors and look forward to collaborating with the management team and other directors to support the company’s long-term strategy of delivering breakthrough treatments to patients and creating value for shareholders."

About John·Morikis

Mr. Morikis is from Sherwin-Williams (Sherwin-Williams Company, a global leader in the manufacture, development, distribution, and sale of paints, coatings, and related products.

He, inJoined Sherwin-Williams in 1984 as a management trainee for the paint store group. Over the next four decades, he was continuously promoted to hold several key leadership positions, including division president and group president. From 2006 to 2016, Mr. Morikis served as president and chief operating officer, after which he was appointed chief executive officer, a position he held for eight years.

As CEO, Mr. Morikis led Sherwin-Williams through a strategic transformation, solidifying its market leadership and laying the foundation for the company's long-term success. He spearheaded a comprehensive overhaul across the company, enabling Sherwin-Williams to stand out from industry homogenization by emphasizing world-class talent, breakthrough innovation, customer-centric solutions, and a focus on value-added products and services. Under his leadership, the company expanded its global operations intoIn 123 countries, the supply chain has been optimized, and technology investment has been increased to enhance customer experience and operational efficiency. These efforts have strengthened Sherwin-Williams' competitive advantage, ultimately leading to its inclusion in the Dow Jones Industrial Average, further solidifying its position as a global industry leader.

Mr. Morikis currently serves as a board member of United Parcel Service, General Mills, and Whirlpool Corporation, and as the Chairman of the Board of University Hospitals Health System.

He, inReceived a Bachelor of Science degree in Business Administration and Psychology from Saint Joseph's College, Rensselaer, Indiana in 1997, and a Master of Business Administration degree from National Louis University, Evanston, Illinois.