Stryker announces leadership changes
Stryker Corporation (NYSE:SYK) in Kalamazoo has announced the appointment of David K. Floyd to the role of group president for orthopedics. Floyd will report to Kevin A. Lobo, who was named president/CEO of the company in early October. Lobo had previously held the position Floyd is filling.
Lobo replaced CEO Scott MacMillan, who abruptly resigned in February.
Orthopedics includes the Stryker reconstructive, trauma and extremities, joint preservation, orthobiologics and performance solutions businesses.
Floyd joins Stryker with 25 years of experience in the medical technology and orthopedics industry. He held a number of senior level positions at DePuy, a division of Johnson & Johnson, Abbott Spine, AxioMed Spine and Centerpulse Orthopaedics. Most recently Floyd was CEO of OrthoWorx.
Stryker also announced management realignment, effective Jan. 1. Floyd also will take on management of Stryker’s spine division, and Timothy J. Scannell will assume responsibility for Stryker’s neurotechnology businesses, including the neurovascular division and craniomaxillofacial business. As group president of medical/surgical and neurotechnology, Scannell will continue to report to Lobo and maintain responsibilities for the instruments, medical, endoscopy and sustainability solutions divisions. Scannell has been with Stryker since 1990.
In October, Stryker reported third quarter net sales of $2.1 billion, up 1 percent, and adjusted diluted net earnings per share of 97 cents, an increase of 6.6 percent.
Lobo said the quarterly results reflected “solid performance for most of our U.S. franchises; however, this was partly offset by weaker results from key countries outside the U.S. and our capital businesses.”
He said Stryker expects market conditions to remain “challenging” in Europe and for capital equipment, so the company lowered its earnings outlook for 2012 and 2013.