8-KLeadership ChangesExhibits & Filings

STRYKER CORP 8-K Report, Executive Changes (Apr 11, 2013)

Filed April 11, 2013For Securities:SYK

Summary

Stryker Corporation (SYK) announced a significant leadership change in its finance department with the appointment of William Jellison as the new Vice President and Chief Financial Officer, effective April 22, 2013. Mr. Jellison brings extensive experience from Dentsply International Inc., where he served in various senior finance roles for 15 years, including as CFO. This appointment signals a strategic move to strengthen Stryker's financial and IT operations under experienced leadership. Investors should note the comprehensive compensation package offered to Mr. Jellison, which includes a substantial base salary, bonus potential, a hiring bonus, and significant equity awards. These awards, comprising stock options and restricted stock units, are designed to incentivize long-term performance and align Mr. Jellison's interests with those of the company's shareholders. The terms of his employment also include provisions for repayment of the hiring bonus under certain conditions, highlighting a commitment to retention.

Key Highlights

  • 1William Jellison appointed as new Vice President, Chief Financial Officer, effective April 22, 2013.
  • 2Mr. Jellison has 15 years of experience at Dentsply International Inc., most recently as Senior Vice President and CFO.
  • 3He will oversee global Finance and Information Technology activities.
  • 4Dean Bergy transitions from Interim CFO to Vice President, Corporate Secretary.
  • 5Mr. Jellison's compensation includes a base salary of $525,000 and a full-year bonus potential of 70% of salary.
  • 6A hire-on bonus of $67,500 is provided, with repayment conditions if employment is terminated voluntarily before April 22, 2015.
  • 7Significant equity awards totaling $2,100,000 in grant date fair value are planned, including stock options and restricted stock units.

Frequently Asked Questions

William Jellison has been appointed as the new Vice President, Chief Financial Officer of Stryker Corporation, effective April 22, 2013.

Mr. Jellison, age 55, has a strong financial background with 15 years at Dentsply International Inc., where he held positions including Senior Vice President and Chief Financial Officer. He also has prior experience at Donnelly Corporation in various financial management roles.

Mr. Jellison will receive an annual base salary of $525,000, a bonus potential of up to 70% of his salary, a hire-on bonus of $67,500, and significant equity awards with a grant date fair value of $2,100,000 (options and RSUs) planned for April 2013, plus additional equity in February 2014.

Mr. Jellison will have global responsibilities for Stryker's Finance and Information Technology activities, encompassing Corporate Accounting, Reporting, Tax, Treasury, and Internal Audit functions.