ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
On August 18, 2021, Stryker Corporation (the "Company") announced that Timothy
J. Scannell, President and Chief Operating Officer of the Company, has notified
the Company of his intent to retire on March 31, 2023. Effective October 1,
2021, Mr. Scannell will transition from his current role of President and Chief
Operating Officer to the position of Advisor to the Chief Executive Officer of
the Company. Effective October 1, 2021, J. Andrew Pierce, Group President,
MedSurg and Neurotechnology and Spencer S. Stiles, Group President, Orthopedics
and Spine will together assume Mr. Scannell's current responsibilities and
report directly to the Chief Executive Officer of the Company. Messrs. Pierce
and Stiles will both continue to serve on the Stryker Leadership Team. Effective
October 1, 2021, Kevin A. Lobo, the Chair and Chief Executive Officer of the
Company, will also become President of the Company.
On August 16, 2021, Mr. Scannell entered into a letter agreement with the
Company pursuant to which he will be employed as Advisor to the Company's Chief
Executive Officer from October 1, 2021 through March 31, 2023 to ensure a smooth
transition. Under the terms of the letter agreement, Mr. Scannell will continue
to receive a base salary at his current annual rate and will be eligible for an
incentive bonus opportunity.
The summary description of the letter agreement with Mr. Scannell contained in
this Form 8-K is not complete and is qualified in its entirety by, and should be
read in conjunction with, the complete text of such agreement filed as Exhibit
10.1 to this Form 8-K and incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
10.1 Letter Agreement between Stryker Corporation and Timothy J. Scannell
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