Stryker's 8-K Sets Spencer Stiles As CEO Pay At $1.32 Million Base, $14.2 Million Equity Target
Kevin Lobo becomes Executive Chair on January 1, 2027, keeping his pay terms but losing eligibility for new stock awards.
Stryker said Tuesday that President and Chief Operating Officer Spencer Stiles will succeed Kevin Lobo as CEO, an 8-K filing shows. The change takes effect January 1, 2027, and Lobo moves to Executive Chair.
What the 8-K says
Lobo stays CEO through December 31, 2026. Stiles, 50, becomes CEO on January 1, 2027, and the board grows from 10 to 11 seats to make room for him. He has not been placed on any board committee.
The filing says no arrangements or family ties lie behind his selection, and he has no related-party transactions requiring disclosure.
Stiles has been President and COO since January 2026. Before that he was Group President, Orthopaedics, from 2019. The filing describes a 27-year career at the company across orthopaedics, MedSurg and neurotechnology.
The pay terms
Under a letter agreement dated October 5, Stiles's base salary rises to $1,320,000 and his bonus target to 150% of base. His benefits stay unchanged.
The independent directors will receive a recommendation in February 2027 to grant him options and performance stock units with a combined target grant-date value of $14,200,000. Forty percent is options, vesting in equal installments over five years. Sixty percent is performance units, vesting on March 21 after a three-year performance cycle, with shares earned depending on preset goals.
Lobo's base salary, bonus target and benefits stay as they are. He is not eligible for any new stock awards while Executive Chair.
How the company frames it
The press release says Lobo joined in 2011, became CEO in October 2012 and Chair in July 2014. It credits him with tripling annual net sales from $8.7 billion in 2012 to more than $26 billion in 2026, and with more than 60 acquisitions, including Mako.
A company infographic puts total shareholder return over his tenure at +450%.
Lobo said: "now is the right time for this leadership transition." Lead Independent Director Sheri McCoy called the move "the culmination of a comprehensive, long-term succession planning process."
The release says Stiles joined in 1999 in Endoscopy and led the Wright Medical acquisition and the separation of the spinal implants business. In Tuesday's pre-market trading as of 8:10 a.m. ET, the shares were at $285.22, up 3.55%.
The next dated step is February 2027, when independent directors are to consider Stiles's $14,200,000 equity award.
Sources
- 8-K Filing — STRYKER CORP (SYK) — SEC EDGAR
- Exhibit d84795dex991.htm — STRYKER CORP 8-K exhibit — SEC EDGAR
- Exhibit d84795dex992.htm — STRYKER CORP 8-K exhibit — SEC EDGAR
- Exhibit d84795dex993.htm — STRYKER CORP 8-K exhibit — SEC EDGAR
