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DUBLIN - STERIS plc (NYSE:STE), a healthcare company with a market capitalization of $21.8 billion and annual revenue of $5.46 billion, announced Wednesday that Chief Financial Officer Michael J. Tokich will step down from his position on August 18, 2025, after serving 17 years in the role. Karen L. Burton, the company’s current Vice President and Chief Accounting Officer, will succeed him as CFO.
Following the transition, Tokich will remain with the company as Senior Financial Advisor, reporting directly to CEO Dan Carestio.
Tokich joined STERIS in 2000 as Assistant Controller and was promoted to CFO in 2008. During his tenure as CFO, the company’s revenue quadrupled and market capitalization grew from $1 billion to $22 billion, according to the company’s statement.
Burton, who has been with STERIS since 2004 and became Chief Accounting Officer in 2017, will assume responsibility for all global finance functions and IT in her new role. She will also join the company’s senior executive board.
"This has been a well-planned succession," said Carestio in the press release, noting that Burton and Tokich have worked together for two decades.
STERIS, headquartered in Ireland, describes itself as a provider of products and services supporting patient care with a focus on infection prevention. The company serves healthcare and life science sectors globally.
The leadership change comes as part of a planned succession strategy, with the transition scheduled to take place in less than two weeks.
In other recent news, STERIS plc reported a strong fourth quarter for fiscal year 2025, with earnings per share (EPS) of $2.74, surpassing the forecasted $2.60. Revenue for the quarter met expectations at $1.48 billion, signaling solid financial health. In addition, STERIS secured a $450 million contract extension with the U.S. Department of Defense for medical gear, extending an existing agreement for another five years. Analyst firms have been active in their assessments of STERIS, with Morgan Stanley upgrading the stock from Equalweight to Overweight, citing confidence in the company’s sterilization operations. Citizens JMP also raised their price target to $280, highlighting the company’s solid performance and revenue growth. Meanwhile, Jefferies initiated coverage with a Hold rating, pointing out potential challenges due to shifts in healthcare policies that might affect STERIS’s business. These developments underscore the dynamic environment in which STERIS operates, with both opportunities and challenges ahead.
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