Stryker Corporation Announces CEO Succession: Spencer Stiles Appointed CEO, Kevin Lobo Transitioning to Executive Chair

Executive Leadership Succession

On October 6, 2026, Stryker Corporation announced a planned CEO succession:

• Kevin A. Lobo Transition: Mr. Lobo will resign as Chief Executive Officer effective December 31, 2026, after 14 years leading the company, transitioning to Executive Chair of the Board of Directors effective January 1, 2027.
• Spencer S. Stiles Appointment: Mr. Stiles, currently serving as President and Chief Operating Officer, will assume the role of Chief Executive Officer and join the Board of Directors effective January 1, 2027. The Board expanded its size from 10 to 11 members to accommodate the appointment.

Executive Compensation & Agreement Details

Spencer S. Stiles (Incoming CEO & President)

• Effective Date: January 1, 2027
• Annual Base Salary: Increased to $1,320,000
• Target Annual Bonus: 150% of annual base salary ($1,980,000)
• 2027 Long-Term Equity Award Recommendation: An aggregate target grant date fair value of $14,200,000 to be recommended in February 2027, allocated as:
  • 60% Performance Stock Units (PSUs), vesting on March 21 following a three-year performance cycle subject to pre-established goals.
  • 40% Stock Options, vesting in five equal annual tranches across a 10-year term.

Kevin A. Lobo (Incoming Executive Chair)

• Effective Date: January 1, 2027
• Base Salary & Bonus: Annual base salary remains $1,550,000; target bonus remains 150% ($2,325,000).
• Equity Participation: Not eligible to receive new stock awards while serving as Executive Chair.

Strategic Context & Significance

This transition marks a milestone orderly leadership handover at Stryker. Mr. Stiles brings a 27-year tenure at the company across its Orthopaedics, MedSurg, and Neurotechnology divisions. During Mr. Lobo's tenure, Stryker tripled annual net sales from $8.7 billion to more than $26 billion and completed over 60 acquisitions.