What was universally described as “abrupt,” Stephen P. MacMillan resigned as CEO of Stryker Corp. weeks ago. The Kalamazoo, Mich. company manufactures medical technology such as hip and knee replacement parts and orthopedic tools.
MacMillan had been well-regarded as he guided Stryker to growth through the recession. The Wall Street Journal reported the secret cause of his unexpected departure was “a romantic relationship with an ex-employee” during an angry divorce, which had caused a loss of confidence by his board.
A severance package of $5.5 million will ease MacMillan’s way out the door. Stryker called it “termination without cause” which enables the former chief executive to receive his 2011 bonus of $1,166,631 according to reporters Joann S. Lublin and Christopher Weaver.
Nonetheless MacMillan “has been stripped of 676,644 stock options. Those options had a market value of nearly $6 million,” according to the article. Forbes estimates his 5-year income as nearly $15 million.