Stryker Names COO Spencer Stiles to Succeed Kevin Lobo as CEO

Stryker chief executive Kevin Lobo will step down at the end of the year and hand the role to president and chief operating officer Spencer Stiles, the company announced on October 6, describing the move as part of a planned succession process.

Lobo will become executive chair of Stryker's board of directors effective January 1, 2027. Stiles will take over as CEO on the same date and will also join the board, according to the company's release.

Fourteen years in charge

Lobo joined the Portage, Michigan-based company in 2011 as group president, became CEO in October 2012 and was appointed chair of the board in July 2014, Stryker said. During his time as CEO, the company said, annual net sales tripled from $8.7 billion in 2012 to more than $26 billion in 2026, and Stryker completed more than 60 acquisitions, including robotic-arm surgery company Mako.

MedTech Dive noted that the acquisitions during Lobo's tenure also included Wright Medical, clinical communications firm Vocera Communications and mechanical thrombectomy device maker Inari Medical.

"The Board and I have worked closely on a succession plan, and with our strong foundation in place, now is the right time for this leadership transition," Lobo said in the release.

A career inside the company

Stiles joined Stryker's endoscopy business in 1999 and has held leadership roles across its orthopaedics, MedSurg and neurotechnology businesses, the company said. Before becoming president and COO in January 2026, he served as group president of orthopaedics, overseeing joint replacement, trauma and extremities, and the company's digital, robotics and enabling technologies organization, with additional responsibility for international regions and enterprise mergers and acquisitions strategy.

Stryker said Stiles led the acquisition of Wright Medical and the separation of the company's spinal implants business.

"I am honored to be named Stryker's next CEO and grateful to the Board and Kevin for their trust in me," Stiles said.

Sheri McCoy, lead independent director of Stryker's board, called the announcement "the culmination of a comprehensive, long-term succession planning process."

Analyst reaction

Analysts quoted by MedTech Dive described the change as expected. Investors had anticipated a transition after Stiles was promoted to president and COO, Stifel analyst Rick Wise wrote in a research note cited by the publication. "To us, this is simply the next step in what is a thoughtful, gradual transition for Stryker," Wise wrote.

J.P. Morgan analyst Robbie Marcus wrote that Stiles had spent the past year meeting with investors and preparing for the CEO role, according to MedTech Dive. "He'll have large shoes to fill, but we think he's up to the task," Marcus wrote.

MedTech Dive reported that Stiles will start with a base salary of $1.32 million and that Stryker's board will increase from 10 to 11 members, with both Lobo and Stiles holding seats.

Stryker's release notes that the transition carries risks the company lists in its forward-looking statements, including its ability to retain key personnel during and after the change.