Stryker CEO Lobo to step down, COO Stiles to take over; shares fall
Stryker shares fell more than 3% in premarket trading after the medical device maker announced that longtime CEO Kevin Lobo will step down, replaced by current President and COO Spencer Stiles.
44 in premarket trading after the company said President and COO Spencer Stiles will succeed Kevin Lobo as chief executive. Lobo, who has led the medical device maker since 2012, will become executive chair, effective Jan. 1. During his tenure, Lobo oversaw more than 60 acquisitions, including robotic surgery firm Mako, which helped reshape orthopedics.
LSEG data showed 24 of 29 brokerages rate the stock buy or above, while 5 have hold ratings, with a median target price of $380. 85% year-to-date as of the last close.