Stryker President and COO Timothy J. Scannell to retire
Stryker (NYSE:SYK) announced on August 18, 2021, that Timothy J. Scannell will retire as President and COO on March 31, 2023. He will serve as Advisor to the CEO from October 1, 2021, until retirement, ensuring a smooth transition of duties to Group Presidents J. Andrew Pierce and Spencer S. Stiles. Scannell has had a notable 31-year career at Stryker, contributing to its growth and success. The company remains focused on innovative medical technologies aimed at improving healthcare outcomes.
- Timothy J. Scannell has successfully guided Stryker for over three decades, enhancing its reputation and performance.
- The leadership transition plan is designed to ensure continuity in oversight and corporate strategy.
- The press release highlights potential risks due to market conditions affecting demand for products.
- Legal and regulatory uncertainties could impact operational stability and financial performance.
Kalamazoo, Michigan, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Stryker (NYSE:SYK) announced today that after an outstanding thirty-one-year career at Stryker, Timothy J. Scannell, President and Chief Operating Officer has notified the company of his intent to retire on March 31, 2023. Effective October 1, 2021 until his retirement, Mr. Scannell will serve as Advisor to the CEO and provide counsel on a range of strategic issues and ensure a smooth transition of his duties, which will be spread between Group Presidents J. Andrew Pierce and Spencer S. Stiles. These responsibilities include oversight of regional businesses, corporate strategy, and business development. Mr. Pierce and Mr. Stiles will continue to serve on the Stryker Leadership Team and will report directly to Kevin A. Lobo, Chair & Chief Executive Officer.
Mr. Scannell began his career with Stryker’s Endoscopy business in 1990 where he served in sales and marketing leadership roles before progressing to roles of greater responsibility, culminating in his appointment to President and Chief Operating Officer in 2018.
“Tim has led teams to excellent performance over time and has been a champion of growth and talent throughout his career,” said Mr. Lobo. “He embodies our mission and values, and we are grateful for his leadership and impressive results. We wish Tim and his family the very best in his retirement.”
Caution Concerning Forward-Looking Statements
This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities laws 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: the impact on our operations and financial results of the COVID-19 pandemic and any related policies and actions by governments or other third parties; unexpected liabilities, costs, charges or expenses in connection with the acquisition of Wright Medical Group N.V. (“Wright”); the effects of the Wright transaction on the parties' relationships with employees, customers, other business partners or governmental entities; 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, including Wright 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 recall-related matters; 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; costs to comply with medical device regulations; changes in financial markets; changes in the competitive environment; our ability to integrate and realize the anticipated benefits of acquisitions in full or at all or within the expected timeframes, including the acquisition of Wright; 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. We disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that affect the likelihood that actual results will differ from those contained in the forward-looking statements.
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.
Contacts
For investor inquiries please contact:
Preston Wells, Vice President, Investor Relations at 269-385-2600 or preston.wells@stryker.com
For media inquiries please contact:
Yin Becker, Vice President, Chief Corporate Affairs Officer at 269-385-2600 or yin.becker@stryker.com
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