Stryker announces organizational changes
July 10 2018 - 7:00AM
Kalamazoo, Michigan - July 10, 2018 - Stryker
Corporation (NYSE:SYK) announced today that David
K. Floyd, Group President, Orthopaedics has notified the
Company of his intent to retire on June 30, 2019. Until this
date, Mr. Floyd will serve as Group President and Advisor to the
CEO and will assist with transitioning his responsibilities to our
newly appointed leaders while also contributing to strategic growth
projects.
Mr. Floyd joined Stryker in 2012 after 25
successful years in the medical technology industry. David
has served as a key member of Stryker's leadership team and enjoyed
terrific success leading our Orthopaedics group.
"We are grateful for David's leadership and his
many contributions to Stryker's success. His businesses
consistently outgrew the market and David spearheaded several key
acquisitions, including Mako. I wish David and his family all the
very best in retirement," said Kevin A. Lobo, Chairman and
Chief Executive Officer.
We are now shifting responsibility for all of our
operating businesses and regions under Timothy J.
Scannell who will be appointed President and Chief Operating
Officer effective August 1, 2018. In his new role, Tim will
drive growth and operating leverage across all of Stryker's
businesses while promoting globalization and collaboration across
our commercial units.
"Over his 28 years at Stryker, Tim has built an
excellent track record of high performance and people development.
I look forward to working closely with him and the rest of the
Stryker leadership team to take Stryker to new heights," said Mr.
Lobo.
Mr. Scannell began his career with Stryker's
Endoscopy business in 1990 where he served in sales and marketing
leadership roles. He then took on roles of increased responsibility
spanning many of our businesses and has served as a Group President
for nearly a decade, most recently overseeing MedSurg &
Neurotechnology.
Within the new commercial leadership structure,
Stryker will have two new Group Presidents. J. Andrew Pierce has been appointed Group President of
MedSurg and Spencer S. Stiles has been
appointed Group President of Instruments, Neurotechnology, and
Spine. Mr. Pierce and Mr. Stiles have delivered strong performance
over time in their lengthy Stryker careers and will now be
accountable for leading multiple businesses.
Forward-looking
statements
This press release contains information that
includes or is based on forward-looking statements within the
meaning of the federal securities law that are subject to various
risks and uncertainties that could cause our actual results to
differ materially from those expressed or implied in such
statements. Such factors include, but are not limited to: weakening
of economic conditions that could adversely affect the level of
demand for our products; pricing pressures generally, including
cost-containment measures that could adversely affect the price of
or demand for our products; changes in foreign exchange markets;
legislative and regulatory actions; unanticipated issues arising in
connection with clinical studies and otherwise that affect U.S.
Food and Drug Administration approval of new products; potential
supply disruptions; changes in reimbursement levels from
third-party payors; a significant increase in product liability
claims; the ultimate total cost with respect to the Rejuvenate and
ABG II matter; the impact of investigative and legal proceedings
and compliance risks; resolution of tax audits; the impact of the
federal legislation to reform the United States healthcare system;
changes in financial markets; changes in the competitive
environment; our ability to integrate acquisitions; and our ability
to realize anticipated cost savings. Additional information
concerning these and other factors is contained 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.
Stryker is one of the world's leading medical
technology companies and, together with its customers, is driven to
make healthcare better. The company offers innovative products and
services in Orthopaedics, Medical and Surgical, and Neurotechnology
and Spine that help improve patient and hospital outcomes. More
information is available at www.stryker.com.
Contacts
For investor inquiries please
contact:
Katherine A. Owen, Stryker Corporation, 269-385-2600 or
katherine.owen@stryker.com
For media inquiries please
contact:
Yin Becker, Stryker Corporation, 269-385-2600 or
yin.becker@stryker.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Stryker Corporation via Globenewswire
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