Stryker president lays out 2-year retirement plan after three decades with the company Fiercebiotech
Scannell has held a variety of roles at Stryker throughout his time there, capped off with a three-year stint as president and chief operating officer.
He’ll step down from those roles at the beginning of October. At that time, his COO duties—spanning business development and both corporate and regional strategy—will be split between Andy Pierce and Spencer Stiles, currently the presidents of Stryker’s medsurg and neurotechnology, and orthopedics and spine sectors, respectively. Meanwhile, CEO and Chairman Kevin Lobo will take on the title of president, which he previously held for several years before Scannell stepped into the role.
But while he’ll be leaving those day-to-day responsibilities behind, Scannell won’t fully sever ties with his longtime employer. Over the course of the following year and a half, until the end of March 2023, he’ll stay on to make sure Pierce and Stiles’ joint transition into his former role is a smooth one. During that time, he’ll also serve as a strategic advisor to Lobo.
According to forms filed with the SEC this week, throughout the transition period, Scannell will continue to earn his annual salary of $825,000, and he will remain eligible to earn yearly bonuses of up to 100% of that amount—prorated in 2023 to reflect his final quarter at the company—based on his performance.
Scannell steadily worked his way up the ladder at Stryker over the course of three decades, beginning in 1990 when he took a job as a sales representative in the Kalamazoo, Mich.-based company’s endoscopy division. From there, he was promoted to the division’s vice president of sales and marketing, before taking on roles heading up first Stryker Biotech and then Stryker Spine.
By 2009, he had risen in the ranks to serve as group president of the medsurg and neurotech business, a position he held for nearly a decade. That culminated with his being tapped in 2018 to become president and COO.
“Tim has led teams to excellent performance over time and has been a champion of growth and talent throughout his career,” Lobo said in a statement. “He embodies our mission and values, and we are grateful for his leadership and impressive results. We wish Tim and his family the very best in his retirement.”
Outside of Stryker, Scannell also currently holds positions on the boards of automated insulin injection device maker Insulet and Novocure, which is developing electric field technology to break down tumors.
With Scannell’s continued guidance, Pierce and Stiles will be leading the charge on Stryker’s renewed strategic plan. As Lobo outlined in a recent earnings call, that will focus largely on making smaller tuck-in acquisitions, which, he said, “we think actually provide the most shorter-term growth upside.”
That strategy has already been put into play. Earlier this year, Stryker acquired Florida-based startup OrthoSensor for an undisclosed amount.
OrthoSensor, a member of the Fierce 15 class of 2015, is developing a system combining disposable, implantable sensors and cloud-based data collection software to provide real-time measurements throughout knee arthroplasty procedures to help guide surgeons through the positioning of the total joint replacement implant.
Editor's note: This article was updated to include additional information about Stryker's succession plans from the 8-K form it filed with the SEC.
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