Stryker, with its eye on tuck-in acquisitions and streamlining its business core, has promoted 27-year veteran Spencer Stiles to president and chief operating officer to help oversee its global business strategy and M&A.
After serving as group president of orthopedics and spine since 2019, Stiles will take on the new role at the start of the new year, the company said in a Dec. 4 announcement.
Fellow 27-year Stryker vet Dylan Crotty will replace Stiles as leader of the orthopedics group. Crotty is currently president of Stryker’s instruments division. Stryker’s most recent COO, Timothy Scannell, retired in 2023.
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“Appointing Spencer President and COO strengthens our ability to sustain high growth and leverage the breadth of our portfolio,” CEO Kevin Lobo said in a statement. “Spencer’s deep knowledge of our business and our customers, combined with his leadership and operational execution will help position us well for the future.”
The company has been on an acquisition streak for the past two years. Last January, Stryker shelled out about $4.9 billion for Inari Medical and its portfolio of clot-busting devices. The deal gave Stryker control of Inari’s hardware for treating venous thromboembolism in the arms, legs and lungs and complements its neurovascular business for attacking strokes in the brain.
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Elsewhere in 2024, Stryker’s M&A push tallied up deals for Molli Surgical, which produces a miniature tissue marker to prep breast cancer lesions for surgery; care.ai, a developer of smart hospital systems and room management solutions; and Nico Corporation, which manufactures instruments for reaching deep strokes and surgically removing brain tumors.
Stryker’s march has been in lockstep with corporate strategy to trim areas of the business not in its focus. The same month the company snapped up Inari, Stryker sold off its U.S. spine implant business to Viscogliosi Brothers, which relaunched the company as VB Spine.
