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Stryker picks orthopedics head Lobo as new CEO

KALAMAZOO, Mich. (AP) -- Medical device maker Stryker Corp. on Monday named Kevin Lobo, the president of its orthopedics business, as its new president and CEO, effective immediately.

Lobo, 47, has been with the company since April 2011. Lobo previously held a variety of positions with Johnson & Johnson, including chief financial officer of its McNeil Consumer Healthcare unit and women's health and urology business, president of Canadian medical products unit, and president of the Ethicon Endo-Surgery division.

In February, Stryker said Chairman, President and CEO Stephen MacMillan resigned for "family reasons." MacMillan had been the company's president since June 2003 and CEO since 2005. Director William Parfet became Stryker's non-executive chairman after MacMillan resigned.

Cantor Fitzgerald analyst Jeremy Feffer praised the choice, saying Lobo has "vast experience in (orthopedics) as well as significant international background."

Stryker said Chief Financial Officer and interim CEO Curt Hartman will leave the company to pursue other opportunities. Hartman will advise Lobo as the company looks for a new CFO. Feffer said Wall Street likes Hartman and that his resignation creates new uncertainties for the company.

Shares of Stryker lost 18 cents to $55.48 in midday trading.