Updated October 1, 2012 at 1:20 p.m. with comments from Stryker.
There was more turnover at orthopedics giant Stryker (NYSE:SYK) as the company pulled from its own ranks to name Kevin Lobo its new president & CEO.
Lobo replaces interim CEO Curt Hartman, who is leaving the company after a transitional period, the Wall Street Journal reported. Hartman was also CFO for the company, a role he held since April 2009.
"After a very thorough search process involving external and internal candidates, we are pleased to name Kevin Lobo as Stryker’s president and chief executive officer," Stryker non-executive board chairman William Parfet said in prepared remarks. "Since joining Stryker in 2011 he has proven to be a highly effective leader for our Orthopedics Group, and he has won the confidence of employees, customers and the Board."
"Mr. Lobo joined Stryker in April 2011 and most recently served as group president, orthopedics," according to Lobo’s executive bio. "Prior to joining Stryker, Mr. Lobo served in several senior leadership roles at Johnson & Johnson (NYSE:JNJ), including as worldwide president of Ethicon Endo-Surgery."
Hartman, who served as Stryker’s CFO prior to taking on the an interim role as company chief, is now listed as "advisory to the CEO," according to Stryker’s site.
"Hartman, who has served as Stryker’s interim CEO since February of this year, has decided to pursue opportunities outside of Stryker, but has agreed to stay on as an Advisor to the CEO to assure a smooth transition as the Company conducts a search for a permanent CFO," according to a Stryker press release.
Hartman took over the corner office after former CEO Stephen MacMillan resigned in February, after a flap over a romantic relationship the executive had with a former employee.
Lobo "is sort of the classic inside outsider," MacMillan, who originally recruited Lobo, told the Journal. "He has been there long enough that he has won over a number of people in the organization."
"He can hit the ground running," MacMillan added.
Analysts had previously suggested that Stryker might make Curtman’s interim role official, but the company refused to comment on the rumors at the time.
SYK shares saw a modest decrease of 0.6% this morning, trading at $55.34 as of about 12:25 p.m.