Stryker (NYSE: SYK) announced that Spencer Stiles, currently President and Chief Operating Officer, will become Chief Executive Officer on January 1, 2027, succeeding Kevin Lobo as part of a planned leadership transition.

Lobo, who has served as CEO since October 2012, will transition to the role of Executive Chair of the Board of Directors on the same date. He joined Stryker in 2011 as Group President and was appointed Chair of the Board in July 2014. During his tenure as CEO, the company's annual net sales grew from $8.7 billion in 2012 to more than $26 billion in 2026, and the company completed more than 60 acquisitions.

Stiles joined Stryker's Endoscopy business in 1999 and has since held leadership roles across the company's Orthopaedics, MedSurg, and Neurotechnology divisions. He was named President and COO in January 2026. He previously served as Group President, Orthopaedics, and oversaw the acquisition of Wright Medical and the separation of Stryker's spinal implants business.

"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 a statement.

Stiles will also join the company's Board of Directors when the transition takes effect. Sheri McCoy, Lead Independent Director of Stryker's Board, said the announcement reflects a long-term succession planning process and that the Board is confident in Stiles as the next leader.

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