Five things to know:
1. The company’s board of directors approved a 50 percent pay cut to CEO Kevin Lobo’s base salary.
2. Stryker also reduced pay for other executive officers by 20 percent to 30 percent.
3. The pay cuts will stay in effect until the board of directors or the compensation committee deems it appropriate to restore full base salaries.
4. Non-employee board members will also have their cash retainer fees cut by 50 percent for the duration of time that the company’s executives have pay cuts in place.
5. The board cited the uncertainty around the scope of COVID-19 as the reason for the pay cuts.
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