Total compensation increased 12% for Stryker Chair, CEO and President Kevin Lobo in 2023. [Photo courtesy of Stryker]
Stryker was the world’s sixth-largest medical device company in our 2023 Medtech Big 100 ranking by revenue, with $18.45 billion in revenue for 2022.
Stryker sales crossed the $20 billion mark for the first time in 2023, growing 11% year-over-year.
Recruiting and retaining top talent — both at the executive and engineering level — is crucial in the medtech industry, but employee compensation is kept secret in most cases. Medical Design & Outsourcing tracks and analyzes these pay figures when disclosed by major device developers and manufacturers.
2023 analysis: How does medtech CEO pay stack up to the rank and file?
Pay for top Stryker executives
Stryker Chair, CEO and President Kevin Lobo received total compensation of $20.77 million in 2023. This includes a salary of $1.39 million, stock awards of $6.65 million, option awards of $8.41 million and cash bonuses of $3.78 million. He also received other compensation equal to $532,651, including $210,571 for personal and family flights aboard corporate aircraft.
Lobo’s total compensation increased 12% from $18.56 million in 2022, when he was one of the top-paid executives in medtech.
Stryker VP and CFO Glenn Boehnlein received total compensation of $6.84 million in 2023. This includes a salary of $755,834, stock awards of $2.02 million, option awards of $2.55 million, cash bonuses of $1.37 million, and other compensation amounting to $143,262.
Boehnlein’s total compensation increased 17% from $5.85 million in 2022.
Stryker MedSurg and Neurotechnology Group President Andrew Pierce received total compensation of $6.49 million in 2023. This includes a salary of $720,833, stock awards of $1.97 million, option awards of $2.49 million, cash bonuses of $1.17 million, and other compensation totaling $131,544.
Pierce’s total compensation increased 13% from $5.74 million in 2022.
Stryker Orthopaedics and Spine Group President Spencer Stiles received total compensation of $6.49 million in 2023. This includes a salary of $720,833, stock awards of $1.97 million, option awards of $2.49 million, cash bonuses of $1.17 million, and other compensation worth $129,042.
Stiles’ total compensation increased 14% from $5.71 million in 2022.
Stryker Global Quality and Operations Group President Viju Menon received total compensation of $4.47 million in 2023. This includes a salary of $616,667, stock awards of $1.23 million, option awards of $1.56 million, cash bonuses of $956,250, and other compensation worth $107,811.
Menon’s total compensation increased 22% from $3.68 million in 2022.
In the disclosure, Stryker said its executive compensation objective is “to provide a total compensation package that allows us to continue to attract, motivate and retain talented executives who drive our company’s success while aligning compensation with the interests of our shareholders and the achievement of our key business objectives.”
“Stryker has a history of delivering solid financial results,” the company said elsewhere in the Securities and Exchange Commission filing. “Our executive pay programs have played a significant role in our ability to attract, motivate and retain the experienced executive team that has successfully driven our financial results over time.”
Stryker investors overwhelmingly supported the executive compensation policy in an advisory vote at the May 9 annual meeting.
How Stryker’s CEO pay compares to the median worker
Stryker reported total compensation of $84,028 to its median worker, up 6% from $79,194 the year before.
The increase in that median employee pay figure was more than offset by Lobo’s compensation as CEO, expanding Stryker’s CEO pay ratio to 247:1 from 234:1 the year before.
The CEO pay ratio is an SEC-mandated disclosure of what a company pays its CEO compared to its median employee. Stryker did not describe its median employee by location or job title. At other medtech companies that offer more details about their median workers than required by the SEC pay disclosure rules, those median medtech workers often hold technical roles such as device design or engineering.
More medtech compensation analysis for CEOs, top-paid executives and median workers
- Boston Scientific’s median worker pay plunges in latest executive compensation disclosure
- No bonuses for Penumbra execs despite growing sales 25% to $1B
- Integer discloses executive pay, including separation payments for ex-EVPs
- Outset Medical investors target executive pay after recalls and warning letter
- Intuitive pay increases for executives, drops for median worker — but its top-paid employee wasn’t the CEO
- Pay drops for Medtronic CEO and the median employee; bonus plan changes
- BD limits executive severance after ‘golden parachute’ shareholder proposal overcomes board opposition
- Zimmer Biomet changes executive pay plans after shareholder vote
