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.
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.
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