Align Technology Inc., the maker of Invisalign clear aligners, said Wednesday it plans to add three independent directors to its board, launch a broad review of its business operations, and increase its stock buyback program after discussions with activist investor Elliott Investment Management LP.
“Align remains focused on executing our strategy, advancing innovation, expanding access to digital treatment solutions, and creating long-term value for shareholders,” Align President and CEO Joe Hogan said in a July 29 statement.
“We appreciate the constructive dialogue with Elliott as we continue to advance Align’s strategic priorities,” added Align Board Chairman Kevin Conroy.
The new board members will be selected through a search focused on leaders with experience in healthcare technology, medical devices, global operations, consumer technology, innovation, and growing high-growth businesses, according to Align, which said the appointments are part of its ongoing effort to refresh its board and strengthen corporate governance.
The company also said it has begun a strategic and operational review, with support from a global consulting firm, aimed at improving how Align operates and to position it for future growth.
The review will examine commercial execution, organizational effectiveness, resource allocation, and the company’s ability to scale its business, said Align, which said it will update shareholders on the review and any significant initiatives that result from it.
In addition, the company increased its planned stock repurchases for 2026 and now expects to buy back between $400 million and $500 million of its common stock, reflecting what it described as confidence in the company’s long-term value.
Hogan said the new initiatives build on work already under way “to strengthen our business, evolve our operating model, and ensure our board continues to reflect the capabilities needed to support Align’s future growth opportunities.”
“We believe these actions position us to better serve our customers, employees, and shareholders while reinforcing our leadership in digital orthodontics and restorative dentistry,” he said.
Conroy said that adding new directors is part of the board’s ongoing responsibility to ensure it has the right mix of experience and expertise.
“Board refreshment is an important and ongoing responsibility of the board,” Conroy said. “We regularly evaluate the skills, experiences, and perspectives needed to support Align’s long-term strategy and future growth opportunities. The three new independent directors will be appointed consistent with that approach.”
Elliott Investment Management, one of Align’s largest investors, welcomed the company’s actions.
“We are one of Align’s largest investors because we believe the company is a market leader with significant long-term growth opportunities,” Marc Steinberg, a partner at Elliott, said. “We believe the board enhancements and other actions … are important steps toward delivering on this opportunity.”
Steinberg said Elliott Investment also appreciated the constructive dialogue with Hogan and other Align management and looks “forward to continuing to support Align as it creates long-term value for shareholders.”
According to Align, its board and management remain confident in the company’s long-term strategy and will continue focusing on expanding the use of its digital orthodontic and restorative dental technologies while improving operations and creating value for patients, doctors, employees, and shareholders.