Stryker Corporation Announces CFO TransitionOn January 24, 2025, Stryker Corporation (NYSE: SYK) filed a Form 8-K with the Securities and Exchange Commission, disclosing the departure of a key executive and the appointment of a new Chief Financial Of

Stryker Corporation revealed that Glenn S. Boehnlein, the Vice President and Chief Financial Officer, will retire from his role effective April 1, 2025. Concurrently, Preston W. Wells, the current Vice President, Group Chief Financial Officer for Orthopaedics, has been promoted to assume the position of Vice President, Chief Financial Officer of the company as of the aforementioned date.

The company confirmed that there are no predefined arrangements or agreements between Mr. Wells and any third party influencing his selection as an officer. Furthermore, Mr. Wells has no familial relationships with any company directors or executive officers. The transition to Mr. Wells’s new role is part of a strategic move following Mr. Boehnlein’s decision to retire.

Mr. Wells, a seasoned professional with a strong financial background, has held various financial roles within the company since joining in July 2022. Before his current role, he served in significant positions, including leading Investor Relations, Financial Planning & Analysis, and Finance functions at other companies such as Dialight Corporation and Johnson & Johnson. Mr. Wells brings 17 years of financial and accounting expertise, having graduated with a bachelor’s degree in accounting from Bucknell University and an MBA in Supply Chain Management from Lehigh University.

Regarding the transition process, Mr. Boehnlein has entered a Transition Agreement with Stryker Corporation. This agreement outlines his continued employment as an Advisor to the Chief Executive Officer during the Advisory Period, which lasts until March 31, 2026. During this time, he will receive his current annual salary and will remain eligible for specified bonuses in line with company guidelines. Mr. Boehnlein’s outstanding equity awards will adhere to the terms of the existing agreements, with no new equity awards granted during the advisory period.

In Mr. Wells’ case, a Letter Agreement has been established, detailing his new compensation framework. Effective April 1, 2025, Mr. Wells’s base salary will increase to $725,000 annually, and his bonus target will be set at 85% of his base salary, prorated for 2025. Additionally, recommendations will be made to the Compensation and Human Capital Committee for long-term incentive plan awards, with an approximate target value of $3,000,000, comprised of stock options and performance stock units.

Stryker Corporation also disclosed the issuing of a press release on January 28, 2025, regarding these executive changes, which can be found as Exhibit 99.1 in the filed Form 8-K. This information, along with all pertinent agreements and details, are available for review in the official SEC filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Stryker’s 8K filing here.

Stryker Company Profile

Stryker Corporation operates as a medical technology company. The company operates through two segments, MedSurg and Neurotechnology, and Orthopaedics and Spine. The Orthopaedics and Spine segment provides implants for use in total joint replacements, such as hip, knee and shoulder, and trauma and extremities surgeries.