Stryker Restructures Operations Into Two Business Segments
January 14 2022 - 1:41PM
Dow Jones News
By Kimberly Chin
Stryker Corp. said it will separate its operations into two
reportable business units instead of three to help align the
company under a new internal reporting structure.
The medical-technology company said its business will now
operate under a MedSurg and neurotechnology segment and an
orthopaedics and spine segment. The company previously had three
reportable business units: one dedicated to orthopaedics, another
to MedSurg and a third to neurotechnology and spine.
The company said the restructuring follows the transition of
responsibilities of its president and chief operating officer,
Timothy Scannell. Last year, Stryker said Mr. Scannell intended to
retire at the end of March 2023. The company said he would move to
an advisory role, effective Oct. 1, 2021, and his duties would be
divided between group Presidents J. Andrew Pierce and Spencer
Stiles.
Mr. Pierce will help run the MedSurg and neurotechnology
business and Mr. Stiles will help run the orthopaedics and spine
segment, Stryker said in a securities filing.
In the third quarter, orthopaedic net sales netted $1.5 billion,
a 16% increase from the previous year. MedSurg net sales were $1.8
billion, representing a 9.4% increase over last year. The
neurotechnology and spine segment had net sales of around $900
million, up 7.3% year over year.
Stryker's shares fell 2% on Friday to $262.44.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
January 14, 2022 13:26 ET (18:26 GMT)
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