8-KLeadership Changes

STRYKER CORP 8-K Report, Executive Changes (Dec 3, 2013)

Filed December 3, 2013For Securities:SYK

Summary

Stryker Corporation (SYK) announced a change to its Board of Directors with the election of Andrew K. Silvernail on November 26, 2013. This appointment was made following an increase in the authorized number of directors from nine to ten, filling a newly created vacancy. Mr. Silvernail brings extensive leadership experience from his roles as Chairman and CEO of IDEX Corporation, a diversified industrial company, and previous senior positions at other major corporations. His background also includes experience in equity research, providing him with a financial perspective. Investors can note that Mr. Silvernail's appointment is a strategic move to strengthen the board's expertise, particularly given his CEO and operational leadership background. While he has not been assigned to any board committees at this time, his compensation will align with that of other non-employee directors, consisting of a fixed annual fee and equity awards. The company has also entered into its standard director indemnification agreement with Mr. Silvernail.

Key Highlights

  • 1Andrew K. Silvernail elected to Stryker's Board of Directors on November 26, 2013.
  • 2Board size increased from nine to ten directors to accommodate the new appointment.
  • 3Mr. Silvernail is currently Chairman and CEO of IDEX Corporation.
  • 4His prior experience includes senior leadership roles at Newell Rubbermaid and Danaher Corporation.
  • 5Mr. Silvernail's background includes equity research at Fidelity Investments.
  • 6Compensation for Mr. Silvernail will be in line with other non-employee directors, including a fixed annual fee and equity awards.
  • 7Stryker has entered into its standard director indemnification agreement with Mr. Silvernail.

Frequently Asked Questions

Andrew K. Silvernail's appointment brings significant executive leadership experience, particularly from his tenure as CEO and Chairman of IDEX Corporation. His background in diverse industrial sectors and prior experience in equity research can offer valuable strategic insights to Stryker's board.

At the time of his election, Mr. Silvernail had not been appointed to any specific committee of the Board of Directors. His committee assignments, if any, would be subject to future board decisions.

Mr. Silvernail will receive a pro rata portion of the $60,000 fixed annual fee for his service in 2013. For subsequent years, he will receive the same compensation, including the annual equity award, as other non-employee directors.

The director indemnification agreement is a standard legal document that provides protection to directors against liabilities that may arise from their service to the company, ensuring they are covered for certain legal costs and damages.