(Thomson Reuters ONE via COMTEX) — Kalamazoo, Michigan – July 22, 2014 – Stryker Corporation SYK +0.11% announced that Kevin A. Lobo, President and Chief Executive Officer, has been appointed Chairman of the Board, in addition to his current responsibilities, effective July 22, 2014. William U. Parfet, Stryker’s Non-Executive Chairman, will again assume the role of Lead Independent Director. Mr. Lobo joined Stryker in April 2011 and served as Group President of Stryker Orthopaedics prior to his appointment as President and Chief Executive Officer in October, 2012.
“On behalf of the entire Board, we are excited about the outlook for Stryker and the leadership demonstrated by Kevin with our employees, customers and shareholders which is the driving force behind today’s announcement,” stated Mr. Parfet. “We believe the Company is well positioned to build on our history while continuing to adapt to the changing needs of the healthcare market place.”
In announcing these changes, the Board expressed their appreciation of Mr. Parfet’s contributions over the years, which included his recent tenure as Non-Executive Chairman, and look forward to his continued participation in his role as Lead Independent Director.
Forward-Looking Statements
This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities law 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: 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; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the ultimate total cost with respect to the Rejuvenate and ABG II matter; 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; changes in financial markets; changes in the competitive environment; our ability to integrate acquisitions; and our ability to realize anticipated cost savings as a result of workforce reductions and other restructuring activities. 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.
Stryker is one of the world’s leading medical technology companies and together with our customers, we are driven to make healthcare better. The Company offers a diverse array of innovative medical technologies, including reconstructive, medical and surgical, and neurotechnology and spine products to help people lead more active and more satisfying lives. Stryker products and services are available in over 100 countries around the world. Please contact us for more information at www.stryker.com .
Contacts
For investor inquiries please contact:
Katherine A. Owen, Stryker Corporation, 269-385-2600 or katherine.owen@stryker.com
For media inquiries please contact:
Yin Becker, Stryker Corporation, 201-831-5000 or yin.becker@stryker.com
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Stryker Corporation via Globenewswire
