Stryker CEO Stephen MacMillan resigns for "family reasons"

February 9, 2012 by MassDevice staff

Stryker chairman, president & CEO Stephen MacMillan resigns for family reasons, effective immediately. Company CFO Curt Hartman will lead the company in the interim.

Stryker Corp. (NYSE:SYK) chairman, president & CEO Stephen MacMillan walked away from one of the most successful medical device companies in the world on Wednesday, citing family reasons for an abrupt departure.

MacMillan's resignation from the Kalamazoo, Mich.-based device maker was made public in a prepared release last night. His departure is effective immediately.

Stryker CFO Curt Hartman, will serve as the interim CEO while the company looks for a permanent successor to MacMillan, who had the job for 7 years. William Parfet, the board’s lead independent director, was named the nonexecutive chairman to replace MacMillan on the board.

Sign up to get our free newsletters delivered straight to your inbox

MacMillan's decision, which has left many in the industry scratching their head, was made for personal reasons and unrelated to his performance at Stryker. MLive, a news outlet in Michigan said that his swift departure may be related to a divorce.

MacMillan's departure from Stryker may also leave a hole at AdvaMed, the medical device's industry council. MacMillan was slated to take the chairman's seat at the industry lobby at a board meeting this March.

There is no official decision yet on whether he will step down from the board of directors, AdvaMed spokeswoman Wanda Moebius told MassDevice.

"We have governance policies to address these types of situations and we'll be following those policies, including conferring with other board members," Moebius told us. She added that MacMillan has been an "extraordinarily effective leader and we appreciate his contribution to [AdvaMed]."