Stryker appoints new CFO as Boehnlein retires

PORTAGE, Michigan - Stryker Corporation (NYSE:SYK), a global leader in medical technology with a market capitalization of $150.87 billion, announced a transition in its executive ranks with the upcoming retirement of its Vice President and Chief Financial Officer, Glenn S. Boehnlein. According to InvestingPro analysis, Stryker maintains a "GREAT" financial health score and trades near its 52-week high of $400.34. After a notable 22-year tenure with the company, Boehnlein will step down, with Preston Wells set to take over the CFO role effective April 1, 2025.

Boehnlein’s career at Stryker has been marked by a commitment to driving performance and fostering talent within the organization. Under his financial leadership, the company has achieved impressive results, with revenue growing 10.51% over the last twelve months to $21.97 billion. Kevin A. Lobo, the Chair and Chief Executive Officer of Stryker, expressed gratitude for Boehnlein’s leadership, particularly in the Finance and IT departments, and noted his role as a growth champion. Lobo also recognized Boehnlein’s contribution to developing future leaders, including his successor, Wells.

Preston Wells, who is currently the Group CFO for Stryker’s Orthopaedics Group, has been with the company for several years, serving in various financial capacities. In his current position, Wells works closely with teams across the Orthopaedics Group, contributing to market growth and providing strategic financial leadership. His background includes leading Investor Relations and Enterprise Financial (NASDAQ:EFSC) Planning & Analysis, as well as managing sales finance and sales operations for Stryker’s Spine business.

Before joining Stryker, Wells accumulated 17 years of experience in senior accounting and financial management roles at other prominent companies, including Dialight Corporation and Johnson & Johnson. He holds a bachelor’s degree in accounting from Bucknell University and an MBA in Supply Chain Management from Lehigh University.

Stryker is known for its innovative medical technologies and services across various sectors, including MedSurg, Neurotechnology, and Orthopaedics. The company plays a significant role in healthcare, impacting over 150 million patients annually through its collaborations with healthcare professionals around the world. InvestingPro data reveals the company’s strong financial foundation, with 34 consecutive years of dividend payments and consistently low price volatility. Investors seeking detailed insights into Stryker’s performance metrics, including 13 additional ProTips and comprehensive valuation analysis, can access the full Pro Research Report on InvestingPro.

This executive transition is based on a press release statement and reflects Stryker’s ongoing commitment to leadership development and corporate growth. As Wells prepares to assume his new responsibilities, Stryker anticipates a seamless continuation of its strategic financial initiatives under his guidance.

In other recent news, Stryker has been making strategic moves to strengthen its position in the medical technology market. The company has agreed to sell its U.S. spinal implants business to Viscogliosi Brothers, LLC, an investment firm specializing in the neuro-musculoskeletal industry. The newly formed entity, VB Spine, LLC, is set to become a strategic partner to Stryker, maintaining exclusive access to certain Stryker technologies for spine procedures.

Additionally, Stryker has announced a definitive agreement to acquire Inari Medical (TASE:PMCN) for $80 per share in cash, a deal valued at approximately $4.9 billion. This acquisition is expected to complement Stryker’s existing portfolio by introducing Inari’s specialized peripheral vascular position in the rapidly expanding venous thromboembolism market.

Analysts from TD Cowen and BofA Securities have reaffirmed their Buy ratings on Stryker’s stock, expressing confidence in these strategic moves. TD Cowen highlighted the synergy between NARI’s mechanical thrombectomy technology and Stryker’s current offerings, while BofA Securities noted the potential for only slight earnings per share dilution in the first year following the Inari deal.

These recent developments signal Stryker’s ongoing commitment to growth and innovation within its sector. As these transactions progress, stakeholders will be watching closely for further details and potential impacts on the company’s financial performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.