Stryker names President Spencer Stiles CEO as Kevin Lobo moves to executive chair

Stryker has picked its next chief executive. The medical technology company said Tuesday that President and Chief Operating Officer Spencer Stiles will take over as CEO on Jan. 1, 2027, with Kevin Lobo stepping down from the top job at year-end to become executive chair of the board.

Lobo has been CEO since October 2012 and chair since July 2014. The company said annual net sales roughly tripled during his tenure, from $8.7 billion in 2012 to more than $26 billion in 2026, and that Stryker completed more than 60 acquisitions, including Mako.

Stiles, 50, has been president and COO since January 2026 and spent 27 years at the company. He previously ran the orthopaedics group from 2019, and the press release credits him with leading the Wright Medical acquisition and the separation of the spinal implants business. He will also join the board, which expands to 11 seats.

Lead Independent Director Sheri McCoy called the move "the culmination of a comprehensive, long-term succession planning process."

The 8-K lays out the pay package. Stiles' base salary rises to $1,320,000 with a bonus target of 150% of salary. Under his letter agreement, Stryker's independent directors will be asked to approve stock options and performance stock units for him in February 2027 with a target value of $14.2 million, split 40% options and 60% PSUs.

Lobo keeps his current base salary, bonus target and benefits as executive chair, but he will not receive new stock awards in that role.

Stryker shares closed Monday at $285.22, before the announcement.

By the numbers

• CEO change effective: Jan. 1, 2027
• Stiles base salary as CEO: $1.32 million
• Bonus target: 150% of base salary
• Planned long-term award: $14.2 million target (40% options, 60% PSUs)
• Board size: 10 to 11 seats

Sources

1. Stryker Corporation Form 8-K (Items 5.02 and 7.01), filed Oct. 6, 2026, accession 0001193125-26-414956
2. Stryker press release, Exhibit 99.1, "Stryker announces leadership succession," Oct. 6, 2026

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