Stryker announced a planned leadership succession in which current Chief Executive Officer, Kevin A. Lobo, will resign from his role and transition to Executive Chair of the Board. Spencer S. Stiles, currently President and Chief Operating Officer, has been appointed as the new CEO. Both changes are effective January 1, 2027.
Key Details
- Transition Timeline: The leadership transition will be effective January 1, 2027. Kevin A. Lobo will officially resign as CEO on December 31, 2026.
- Incoming CEO Compensation: As CEO, Spencer S. Stiles' annual base salary will be $1,320,000 with a bonus target of 150% of his salary. He will also be recommended for a 2027 long-term incentive award with a target value of $14,200,000.
- Board of Directors: The size of the Board will be increased from 10 to 11 members, and Mr. Stiles will be appointed to the Board effective January 1, 2027.
- Outgoing CEO Role: Kevin A. Lobo will assume the role of Executive Chair of the Board. His base salary and bonus target will remain unchanged, but he will not be eligible for new stock awards in this role.