Stryker names Spencer S. Stiles CEO from Jan. 1, 2027
Stiles’s salary and bonus target change with his CEO appointment, while a recommendation on a $14,200,000 equity award is to be made in February 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Stryker Corporation announced a planned CEO transition: Kevin A. Lobo will resign as Chief Executive Officer on December 31, 2026, and become Executive Chair on January 1, 2027. Spencer S. Stiles, currently President and Chief Operating Officer, will become CEO and join the Board effective January 1; the Board’s size will increase from 10 to 11. Stiles has not been appointed to a Board committee at this time.
Lobo’s annual base salary, annual bonus target and employee benefit plan eligibility will remain unchanged after the transition, but he will not be eligible for new stock awards as Executive Chair. Effective January 1, 2027, Stiles’s annual base salary will increase to $1,320,000 and his annual bonus target to 150% of annual base salary; his benefit-plan eligibility remains unchanged. A recommendation will be made to independent directors in February 2027 to approve a Stiles award with aggregate target grant date fair value of $14,200,000, comprising 40% stock options and 60% performance stock units. Stryker also said annual net sales tripled, from $8.7 billion in 2012 to more than $26 billion in 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet sales topped $26 billion in 2026, from $8.7 billion in 2012.
Negative
- None.
Filing Explained
For Stiles’s contemplated
8-K Event Classification
Key Figures
Key Terms
performance stock units financial
grant date fair value financial
three-year performance cycle financial
Long-Term Incentive Plan financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Who will be Stryker (SYK)’s next CEO, and when does he start?
What compensation will Spencer Stiles receive as Stryker (SYK) CEO?
How would Spencer Stiles’s proposed Stryker (SYK) equity award vest?
How did Stryker’s annual net sales change between 2012 and 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Stryker Corporation (the “Company”) announced on October 6, 2026 that Kevin A. Lobo will resign from his role as Chief Executive Officer (“CEO”) of the Company on December 31, 2026 and transition to the role of Executive Chair of the Board of Directors of the Company (the “Board”), effective January 1, 2027 (the “CEO Transition”) and that Spencer S. Stiles, who currently serves as President and Chief Operating Officer of the Company, has been appointed CEO of the Company, effective January 1, 2027. In connection with Mr. Stiles’s appointment as CEO, the Board also increased the size of the Board from 10 to 11 and appointed Mr. Stiles to serve as a member of the Board, effective January 1, 2027. Mr. Stiles has not been appointed to any committee of the Board at this time.
There are no arrangements or understandings between Mr. Stiles and any other person pursuant to which Mr. Stiles was selected as an officer and a director, and no family relationships exist between Mr. Stiles and any director or executive officer of the Company. Mr. Stiles is not a party to any transaction to which the Company is or was a participant and in which Mr. Stiles has a direct or indirect material interest subject to disclosure under Item 404(a) of Regulation S-K.
Biographical Information
Mr. Stiles, age 50, has served as President and Chief Operating Officer of the Company since January 2026. Prior to that, he served as Group President, Orthopaedics, from 2019. Throughout his 27-year career at the Company, he has held leadership roles across Orthopaedics as well as MedSurg and Neurotechnology and has overseen international regions and key supporting functions. Mr. Stiles graduated from Miami University with a bachelor’s degree in business and received his MBA from the University of Nebraska.
Transition Agreement with Mr. Lobo
On October 5, 2026, the Company entered into a letter agreement with Mr. Lobo (the “Transition Agreement”), pursuant to which (1) he will continue to serve as CEO of the Company through December 31, 2026, and (2) as of January 1, 2027, he will begin serving as Executive Chair of the Board. Mr. Lobo’s annual base salary, annual bonus target and employee benefit plan eligibility will remain unchanged following the CEO Transition, but he will not be eligible to receive any new stock awards while serving as Executive Chair of the Board.
The foregoing summary does not purport to be complete and is subject to, and qualified in its entirety by, reference to the full text of the Transition Agreement, attached hereto as Exhibit 10.1
Letter Agreement with Mr. Stiles
On October 5, 2026, the Company entered into a letter agreement with Mr. Stiles (the “Letter Agreement”) establishing his compensation as CEO of the Company, effective as of January 1, 2027. Commencing on such date, Mr. Stiles’s annual base salary will increase to $1,320,000 and his annual bonus target will increase to 150% of his annual base salary. Mr. Stiles’s employee benefit plan eligibility will remain unchanged following the CEO Transition.
Pursuant to the Letter Agreement, a recommendation will be made to the independent directors of the Board to approve an award to Mr. Stiles of stock options and performance stock units (“PSUs”) under the Company’s Long-Term Incentive Plan (the “Incentive Plan”) in February 2027, subject generally to the same terms and conditions as the stock options and PSUs granted in connection with the annual Incentive Plan grant, with an aggregate target grant date fair value equal to $14,200,000, comprising 40% stock options (vesting in equal annual installments on each of the first five anniversary dates of the grant date) and 60% PSUs (vesting on March 21 of the year following the applicable three-year performance cycle, with the amount of shares earned subject to the achievement of pre-established performance goals). Any such grants will be subject to the terms and conditions of the Incentive Plan and the forms of stock option agreement and PSU agreement approved for fiscal 2027 grants to other executive officers of the Company.
The foregoing summary does not purport to be complete and is subject to, and qualified in its entirety by, reference to the full text of the Letter Agreement, attached hereto as Exhibit 10.2
| Item 7.01 | Regulation FD Disclosure. |
On October 6, 2026, Stryker issued a press release announcing the transition described in Item 5.02 above and related infographics, which are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, to this Current Report on Form 8-K. The information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2 and 99.3, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2, and 99.3, shall not be incorporated by reference into any filing of the Company, whether made before, on, or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| 10.1 | Transition Agreement, dated October 5, 2026, between Stryker Corporation and Kevin A. Lobo | |
| 10.2 | Letter Agreement, dated October 5, 2026, between Stryker Corporation and Spencer S. Stiles | |
| 99.1 | Press Release dated October 6, 2026 | |
| 99.2 | Infographic dated October 6, 2026 | |
| 99.3 | Infographic dated October 6, 2026 | |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STRYKER CORPORATION | ||||||
| (Registrant) | ||||||
| Dated: October 6, 2026 | By: | /s/ Tina S. French | ||||
| Name: | Tina S. French | |||||
| Title: | Corporate Secretary | |||||
Exhibit 99.1
1941 Stryker Way
Portage, MI 49002
Press release
Number: 26-19
Date: October 6, 2026
Stryker announces leadership succession
| • | Kevin Lobo to transition to Executive Chair of the Board of Directors |
| • | Current President and COO Spencer Stiles appointed Chief Executive Officer |
| • | Leadership transition effective January 1, 2027 |
Portage, Michigan — Stryker (NYSE:SYK), a global leader in medical technologies, today announced that as part of a planned succession process, Kevin Lobo will transition to the role of Executive Chair of the Board of Directors, effective January 1, 2027. Spencer Stiles, currently President and Chief Operating Officer of Stryker, will succeed Lobo as Chief Executive Officer and will also be appointed as a member of the company’s Board at that time.
Lobo has led a distinguished career at Stryker spanning more than 15 years. He joined the company in 2011 as Group President, became Chief Executive Officer in October 2012 and was appointed Chair of the Board in July 2014. During his transformative 14-year tenure as CEO, Lobo significantly expanded Stryker’s portfolio and global presence and tripled annual net sales from $8.7 billion in 2012 to more than $26 billion in 2026. Under his leadership, Stryker has completed more than 60 acquisitions, including Mako, which combined pioneering robotic-arm-assisted technology with Stryker’s joint-reconstruction expertise to transform the orthopaedic industry, strengthening Stryker’s position as a diversified global leader in medical technologies. Lobo also helped shape the culture that defines Stryker today, establishing its mission to make healthcare better together with its customers, while advancing a specialized business operating model that has supported the company’s distinctive performance and growth.
“Serving as CEO of Stryker has been an incredible honor, and I am proud of all that our teams have accomplished together on behalf of our customers and the patients they serve,” said Lobo. “The Board and I have worked closely on a succession plan, and with our strong foundation in place, now is the right time for this leadership transition. Having worked alongside Spencer for many years, I have seen firsthand the qualities that define his leadership: his ability to set a clear direction, inspire people and translate strategy into strong execution. He understands what makes Stryker unique and has the judgment, experience and commitment to our mission and values to build on our momentum and lead the company forward. I look forward to working with Spencer to ensure a smooth transition and to continuing to support Stryker as Executive Chair of the Board.”
“I am honored to be named Stryker’s next CEO and grateful to the Board and Kevin for their trust in me,” said Stiles. “I have a deep appreciation for our people, our culture and the customer relationships that drive our innovation and growth. Kevin has built an extraordinary legacy and a strong foundation for the future, which I am excited to build upon as we continue executing our strategy, driving growth and advancing our mission to make healthcare better.”
Stiles is a strategic, growth-oriented and people-focused leader with a proven record of execution throughout his distinguished career at Stryker spanning nearly three decades. Since joining the company’s Endoscopy business in 1999, he has held leadership roles across nearly every Stryker business, spanning Orthopaedics, MedSurg and Neurotechnology. Before becoming President and Chief Operating Officer in January 2026, Stiles served as Group President, Orthopaedics, leading the company’s Joint Replacement and Trauma & Extremities businesses and its Digital, Robotics and Enabling Technologies organization, with additional responsibility for international regions and Stryker’s enterprise mergers and acquisitions strategy. He has also led significant portfolio initiatives, including the acquisition of Wright Medical, which enhanced Stryker’s global market position in trauma and extremities, and the separation of the company’s spinal implants business.
“This announcement is the culmination of a comprehensive, long-term succession planning process,” said Sheri McCoy, Lead Independent Director of Stryker’s Board of Directors. “Spencer is a proven leader with strategic perspective and the ability to unite teams around shared priorities. The Board is confident that he is the right leader to build upon Stryker’s momentum and guide the company’s next chapter. On behalf of the Board, I also want to recognize Kevin for his exceptional leadership and service over his tenure as CEO. Kevin has positioned Stryker to enter this transition from a place of strength. With a mission-driven culture, clear strategic direction and a strong leadership team, Stryker is poised to capture the significant opportunities ahead. We are fortunate that we will continue to benefit from his experience and perspectives as Executive Chair.”
Forward-Looking Statements
This press release contains forward-looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, including statements regarding the Company’s strategy, growth prospects and opportunities, and the Company’s ability to execute on its priorities during and following the transition. These forward-looking statements involve various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such statements. Such risks and uncertainties include, but are not limited to: risks associated with the transition of executive leadership and the ability of Mr. Stiles and the Company’s executive team to execute on the Company’s strategy and business plans; the Company’s ability to retain key personnel during and after the transition; and other risks listed or described from time to time in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q that we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that affect the likelihood that actual results will differ from those contained in the forward-looking statements, except to the extent required by law.
About Stryker
Stryker is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology and Orthopaedics that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually. More information is available at www.stryker.com.
Contacts
For investor inquiries:
Nick Mead, Vice President, Investor Relations at 269-385-2600 or nick.mead@stryker.com
For media inquiries:
Kim Montagnino, Vice President, Chief Communications Officer at 269-385-2600 or kim.montagnino@stryker.com
Exhibit 99.2
Kevin Lobo Strengthened Stryker as a diversified global leader in medical technologies 14 years of transformative leadership Legacy of driving growth, advancing innovation and shaping Stryker’s mission-driven culture Growth and diversification • Raised organic sales growth profile (4% in 2012 10% in 2025) • Significantly expanded Stryker’s portfolio and global presence • Expanded Stryker’s position as a global medtech leader by entering new adjacencies (e.g. robotics, defibrillators, injury prevention, healthcare IT, peripheral vascular) Innovation and M&A • Established M&A as a core strategic capability, completing 60+ acquisitions to enter new markets and complement internal innovation • Elevated Stryker as a major player in orthopaedic robotics through Mako acquisition, establishing the foundation of Stryker’s robotic surgery ecosystem Mission, culture and operational excellence • Established Stryker’s customer-centric mission and strengthened the company’s highperformance culture and employee engagement • Led evolution of Stryker’s Transatlantic Operating Model, accelerating international growth in Europe and Canada, and raised APAC growth rates • Established the organizational capabilities and leadership talent needed to scale Stryker’s specialized businesses globally 3X Annual net sales $8.7B in 2012 >$26B in 2026 +450% Total shareholder return 60+ Acquisitions completed Milestone achievements 2012–2026 Serving as CEO of Stryker has been an incredible honor, and I am proud of all that our teams have accomplished together on behalf of our customers and the patients they serve. The Board and I have worked closely on a succession plan, and with our strong foundation in place, now is the right time for this leadership transition. Spencer has the judgment, experience and deep understanding of Stryker needed to build on our momentum and lead Stryker’s next great chapter.” Kevin Lobo 2013 2018 2020 2022 2023 2025 Completes industrydefining acquisition of Mako Surgical Reaches nearly $14 billion in annual sales, delivering Stryker’s strongest organic sales growth in a decade Acquires Wright Medical, strengthening Stryker’s global position in trauma and extremities Acquires Vocera, establishing significant platform in clinical communications and digital health Surpasses $20 billion in annual sales for the first time in Stryker’s history Acquires Inari Medical, establishing a platform in peripheral vascular intervention, and surpasses $25 billion in annual sales Chair and Chief Executive Officer Transitioning to Executive Chair | Effective January 1, 2027
Exhibit 99.3
Spencer Stiles President and Chief Operating Officer Incoming Chief Executive Officer | Effective January 1, 2027 I am honored to be named Stryker’s next CEO and grateful to the Board and Kevin for their trust in me. I am excited to build on our extraordinary legacy and strong foundation as we continue executing our strategy, driving growth and advancing our mission to make healthcare better.” Spencer Stiles Distinguished career at Stryker Right leader to build on Stryker’s momentum and guide next chapter Nearly threedecade tenure at Stryker, with leadership across all segments: Orthopaedics, MedSurg and Neurotechnology Significant experience leading Stryker businesses and enterprise functions, with a proven record of building and integrating businesses through acquisitions Global operating experience, with responsibility across Stryker’s businesses and regions worldwide Proven track record of developing talent and leading complex organizations Advanced strategic portfolio development, helping secure Stryker’s #1 position in orthopaedics Board of Directors President and Chief Operating Officer Oversees Stryker’s $25B+ portfolio of global businesses, enterprise strategy and M&A Jan 2026–current Group President, Orthopaedics Oversaw Stryker’s $9B+ Orthopaedics Began career in marketing and sales before taking on broader marketing, leadership, and general management roles across Endoscopy and Communications marketleading growth across businesses representing $5B+ in worldwide revenue 2018–2019 Global President, Instruments Group, including Joint Replacement, Trauma and Extremities, and Digital, Robotics and Enabling Technologies Executed $9B+ in M&A transactions, generating $1.5B+ in new revenue Drove Mako scale and globalization strategy Led significant portfolio initiatives, including the acquisition of Wright Medical, enhancing Stryker’s global market position in trauma and extremities I am honored to be named Stryker’s next CEO and grateful to the Board and Kevin for their trust in me. I am excited to build on our extraordinary legacy and strong foundation as we continue executing our strategy, driving growth and advancing our mission to make healthcare better.”