After 32 years at Stryker Corp., the last 28 as chairman of the board, former president and CEO John Brown is stepping down.
The move, which comes after federal indictments were handed down this week against Stryker’s local biotech operation in Hopkinton, Mass., is part of a planned five-year overlap with the tenure of current president and CEO Steve MacMillan. The latter will take Brown’s spot in the chairman’s seat.
Brown was president and CEO from 1977, when he was also named a director, to 2003. Tapped as chairman of the board in 1981, he’ll be Stryker’s chairman emeritus from now on.
In a separate announcement, Stryker said the board approved a change from doling out annual dividends to making the payments quarterly. Accordingly, the company will issue a $0.10 dividend Dec. 16.