Stryker CEO Kevin Lobo to Step Down

Kevin Lobo, Stryker’s CEO, will step down on December 31 following a 15-year tenure, and become executive chair of the board starting January 1, after initially joining the company in 2011 as group president.

Chief operating officer Spencer Stiles will take over as CEO, also joining the board. Stiles, 50, has nearly 30 years of experience at Stryker, joining the company in 1999 and holding leadership roles across its businesses, including orthopedics, medical-surgical, and neurotechnology. Before becoming COO, he served as group president of orthopedics and played a key role in mergers and acquisitions, including the Wright Medical acquisition and the sale of Stryker’s spinal implants business.

During Lobo’s tenure, Stryker’s sales tripled from $8.7 billion in 2012 to over $26 billion in 2026. They executed 60-plus acquisitions, notably Mako Surgical, which became the foundation of Stryker’s surgical robotics business, Wright Medical, enhancing its trauma and extremities business, Vocera Communications for clinical workflow, and Inari Medical for mechanical thrombectomy devices.

Lobo praised Stiles’ leadership skills, highlighting his ability to set direction, inspire people, and execute strategy. Stiles has spent the past year meeting with investors and preparing for the CEO role. His base salary will be $1.32 million.

Stryker’s board will expand from 10 to 11 members, with both Lobo and Stiles holding seats. This transition is seen as a thoughtful, gradual process, with Stiles well-prepared to lead the company forward. Lobo emphasized that he and the board collaborated on a succession plan, ensuring a smooth handover.