Medtronic (NYSE:MDT) will add two new directors and establish additional committees after Elliott Investment Management emerged as one of its largest shareholders. The move was first reported by the Wall Street Journal.

Medtronic said on Tuesday it would add two new directors to its board and set up committees to help boost its lagging shares after activist investor Elliott Investment Management emerged as one of its largest shareholders.

Medtronic has agreed to not only expand the size of its board of directors, but to also task it with taking a closer look at cutting costs and exploring more tuck-in M&A—after what it | The company’s newest stakeholder,