Stryker names Spencer Stiles CEO, effective January 1, 2027

Stryker announced on October 6, 2026 that Spencer Stiles, its president and chief operating officer, has been appointed chief executive officer effective January 1, 2027. The company described the change as part of a planned succession process.

Stryker said Kevin Lobo will resign as CEO on December 31, 2026 and transition to Executive Chair of the Board effective January 1, 2027. Under a letter agreement dated October 5, 2026, Lobo continues as CEO through December 31, 2026, and from January 1, 2027 serves as Executive Chair.

Stiles, 50, has served as President and Chief Operating Officer since January 2026 and as Group President, Orthopaedics, from 2019. He joined Stryker's Endoscopy business in 1999 and has since held leadership roles across Orthopaedics, MedSurg and Neurotechnology. Lobo joined Stryker in 2011, became CEO in October 2012 and was appointed Chair of the Board in July 2014. Stryker said Stiles has not been appointed to any Board committee at this time.

Stryker said Stiles's annual base salary increases to $1,320,000 and his annual bonus target to 150% of base salary, starting January 1, 2027. Stryker said it plans to recommend to the independent directors that they approve an award to Stiles in February 2027 of stock options and performance stock units under its Long-Term Incentive Plan, with an aggregate target grant value of $14.2 million, subject generally to the same terms as other annual grants.

Stryker said Lobo's annual base salary, annual bonus target and benefit plan eligibility are unchanged after the transition. Stryker said Lobo will not be eligible to receive new stock awards while serving as Executive Chair.