Medtronic completes MiniMed separation, names Michael Marinaro President

Chairman and chief executive Geoff Martha says the split lets Medtronic focus on its Cardiovascular, Neuroscience and Surgical units

Medtronic has completed the separation of MiniMed Group, exchanging its remaining stake of 252,813,348 MiniMed shares for outstanding Medtronic ordinary shares. The exchange offer was subscribed 5.4 times.

Geoff Martha, Medtronic's chairman and chief executive officer, said the separation allows the company to concentrate on its Cardiovascular, Neuroscience and Surgical portfolios.

Medtronic's board has also approved the appointment of Michael Marinaro to the newly created role of President, effective October 14, 2026. Marinaro previously served as Executive Vice President and President, Medical Surgical Portfolio, Americas, and Global Commercial Operations. He will report to Martha and take on oversight of Medtronic's Greater China operations, which will continue to be managed locally by Alex Gu.

The exchange leaves Medtronic with no retained stake in MiniMed and retires about 55 million of its own shares, shrinking its share count. The more notable element of the announcement is the leadership change: Marinaro's new post signals succession planning and a sharper regional focus rather than anything tied to the economics of the separation. Together, the two disclosures close out the MiniMed transition while raising a new question about how Medtronic's remaining units will be managed under the revised structure.