8-KLeadership ChangesExhibits & Filings

STRYKER CORP 8-K Report, Executive Changes (Aug 18, 2021)

Filed August 18, 2021For Securities:SYK

Summary

Stryker Corporation (SYK) has filed an 8-K report detailing significant leadership changes. Timothy J. Scannell, President and Chief Operating Officer, has announced his retirement effective March 31, 2023. To ensure a seamless transition, Mr. Scannell will transition to an Advisor to the CEO role starting October 1, 2021, continuing to receive his current salary and bonus eligibility. Effective October 1, 2021, the responsibilities of President and Chief Operating Officer will be jointly assumed by J. Andrew Pierce (Group President, MedSurg and Neurotechnology) and Spencer S. Stiles (Group President, Orthopedics and Spine), both of whom will report directly to CEO Kevin A. Lobo. Concurrently, Mr. Lobo will also assume the title of President, in addition to his current roles as Chair and CEO. These changes are designed to maintain operational continuity and leverage existing leadership strengths during the transition period.

Key Highlights

  • 1Timothy J. Scannell, President and COO, to retire on March 31, 2023.
  • 2Mr. Scannell will transition to an Advisor to the CEO role from October 1, 2021, to March 31, 2023, to facilitate a smooth handover.
  • 3J. Andrew Pierce and Spencer S. Stiles will jointly assume Mr. Scannell's current responsibilities, reporting directly to the CEO.
  • 4Kevin A. Lobo, CEO, will also take on the role of President.
  • 5The transition plan aims to ensure continued operational leadership and stability.
  • 6Mr. Scannell's advisory role includes continued base salary and incentive bonus eligibility.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce significant changes in Stryker Corporation's executive leadership, specifically the upcoming retirement of its President and Chief Operating Officer, Timothy J. Scannell, and the subsequent realignment of responsibilities.

Effective October 1, 2021, the responsibilities of President and Chief Operating Officer will be jointly assumed by J. Andrew Pierce (Group President, MedSurg and Neurotechnology) and Spencer S. Stiles (Group President, Orthopedics and Spine). Additionally, CEO Kevin A. Lobo will also assume the title of President.

The transition begins on October 1, 2021, with Mr. Scannell moving to an advisory role. His full retirement is scheduled for March 31, 2023. The new reporting structure and Mr. Lobo assuming the President title also take effect on October 1, 2021.

Yes, during his advisory role from October 1, 2021, through March 31, 2023, Mr. Scannell will continue to receive his current base salary and will be eligible for an incentive bonus opportunity, as outlined in his letter agreement.