Stryker announced on its Web site today that chairman John W. Brown is retiring from his position of chairman of the board. Brown served as the company’s president and CEO from 1977 until 2003. He will replaced on January 1 by Stephen P. MacMillan, Stryker’s current president and CEO.
This announcement follows the recent indictment of four employees at Stryker Biotech, a unit of Stryker, on charges of wire fraud and conspiracy. According to the Kalamazoo Gazette, the indictment alleges that the employees promoted medical devices used to stimulate bone growth in long bones and the spine for broader uses than they were approved for.
The Kalamazoo Gazette says that if Stryker does not resolve these charges, it could be excluded from federal and state healthcare programs.
