Zimmer Biomet CFO Suketu Upadhyay is leaving the company to be CFO at biotech company Incyte. He will be replaced on an interim basis by Paul Stellato, Zimmer said Tuesday.
Stellato, currently Zimmer’s controller and chief accounting officer, will take on the CFO’s duties while the company conducts a search for a permanent successor.
Upadhyay, whose last day is Tuesday, was Zimmer’s top financial executive for the past seven years and, as an executive vice president, also was responsible for operations and supply chain. He begins his new job May 4.
“CFO Upadhyay leaves [Zimmer] in solid financial and operational shape after roughly seven years of service,” Stifel analysts wrote to clients in a note. “To us, there's no concerning signal associated with his departure.”
Stellato, who also leads financial planning and analysis at Zimmer, joined the company in May 2022 and has more than 20 years of experience in finance and investor relations. He previously held roles in finance at Xylem and ITT and in public accounting at Andersen and Ernst & Young.
"We are confident Paul is the right leader to provide continuity and steady direction during this transition, as we continue to execute our strategy and deliver on our commitments," Zimmer CEO Ivan Tornos said in a statement.
In an earnings release, Tornos said Zimmer was off to a solid start to the year. The orthopedic device maker raised its full-year 2026 adjusted earnings per share forecast by 10 cents, to a range of $8.40 to $8.55, citing progress with a transformation initiative. In February, Zimmer announced a reorganization of its U.S. salesforce.
The company’s revenue outlook was unchanged. Zimmer Biomet posted first-quarter net sales of $2.09 billion, an increase of 9.3% year over year.
