8-KLeadership Changes

STRYKER CORP 8-K Report, Executive Changes (Jun 23, 2010)

Filed June 23, 2010For Securities:SYK

Summary

Stryker Corporation (SYK) announced on June 21, 2010, a significant addition to its Board of Directors with the appointment of Dr. Roch Doliveux. Dr. Doliveux brings extensive executive experience from the global biopharmaceutical sector, notably as CEO and Chairman of the Executive Committee of UCB S.A., and prior leadership roles at Pierre Fabre Pharmaceuticals and Schering-Plough International. This appointment signals Stryker's ongoing commitment to strengthening its board with diverse and relevant industry expertise. In conjunction with his appointment, Dr. Doliveux received a stock option grant to purchase 10,228 shares of common stock at an exercise price of $51.82 per share, reflecting the previous day's closing market price. He will also receive the standard annual retainer of $115,000 for non-employee directors and enter into the company's standard indemnification agreement. Investors should view this as a positive development, indicating continued strategic focus and potential for enhanced corporate governance.

Key Highlights

  • 1Dr. Roch Doliveux appointed to Stryker Corporation's Board of Directors on June 21, 2010.
  • 2Dr. Doliveux brings substantial executive experience from the biopharmaceutical industry, including CEO roles at UCB S.A. and previously Pierre Fabre Pharmaceuticals.
  • 3Appointment includes a stock option grant for 10,228 shares of common stock at an exercise price of $51.82.
  • 4Dr. Doliveux will receive an annual fixed fee of $115,000 as a non-employee director.
  • 5The company continues to enhance its board with experienced leadership from relevant industries.
  • 6Standard director indemnification agreement was entered into by Dr. Doliveux.

Frequently Asked Questions

Dr. Roch Doliveux is a seasoned executive with extensive experience in the global biopharmaceutical industry. He currently serves as the Chief Executive Officer and Chairman of the Executive Committee of UCB S.A., a biopharmaceutical company. Previously, he held CEO positions at Pierre Fabre Pharmaceuticals and served as President of Schering-Plough International.

Upon his appointment, Dr. Doliveux was granted an option to purchase 10,228 shares of Stryker's common stock at an exercise price of $51.82 per share. Additionally, he will receive a fixed annual fee of $115,000, which is standard for non-employee directors, and entered into the company's form of indemnification agreement.

The appointment of Dr. Doliveux is significant as it adds a director with deep expertise in the biopharmaceutical sector, a related and important industry for a medical technology company like Stryker. His extensive executive experience is expected to contribute to the strategic direction and corporate governance of the company, potentially benefiting long-term shareholder value.