- Push-out Score determined
- After about five years in the position
- Praise and good wishes for Thatcher
- Responsibilities redistributed
- Search for a successor
- Thatcher said 95 words
(exechange) — Malvern, Pennsylvania, March 5, 2020 — Chris Thatcher, chief executive of Neuronetics, leaves — as “mutually agreed.” As announced by Neuronetics Inc. in a news release on Thursday, March 5, 2020, Christopher A. (Chris) Thatcher leaves his post as chief executive officer at the commercial stage medical technology company after about five years in the role, effective immediately.
Neuronetics will undertake a search for a successor.
Following Chris Thatcher’s departure, the position of Chief Executive Officer will not be filled for the time being. Chris Thatcher’s responsibilities are being redistributed.
“To pursue interests outside the Company”
Chris Thatcher’s departure from the CEO post is explained as follows. Neuronetics said: “We wish Chris well as he departs to pursue interests outside the Company and appreciate his willingness to continue as an advisor for us over the next two months.”
Precise information regarding Chris Thatcher’s future plans was not immediately available.
Neuronetics said: “[T]he Company and Christopher A. Thatcher, President and CEO of Neuronetics, have mutually agreed that Mr. Thatcher will cease serving as the Company’s President and Chief Executive Officer, effective immediately.”
“Not the result of any inappropriate action by Mr. Thatcher”
“This mutual agreement was not the result of any inappropriate action by Mr. Thatcher, any violation of company policy, any accounting irregularity or any material deterioration in the business of the Company. The Company reaffirms the guidance that it provided on March 3, 2020,” Neuronetics said.
Share price decline
The announcement follows a decline in Neuronetics Inc.’s share price of 93% since September 2018.
Chaired by Brian Farley
Neuronetics Inc. is chaired by Brian Farley.
Brian Farley has served as a member of the Board since 2009 and as chairman beginning in 2011.
In the position of CEO since 2014
Chris Thatcher became CEO of the Company in 2014.
In connection with his departure, Thatcher also resigned as a director of the Company’s Board of Directors.
Thatcher’s employment is expected to continue through May 1, 2020, during which time he will provide transition services and advice to the Company.
Chris Thatcher has served as the Company’s President and Chief Executive Officer since 2014 and as a member of the Board since 2014.
Prior to joining the Company, Thatcher led the Reichert Technology Global Business Unit of Ametek, Inc. as its Divisional Vice President and Business Unit Manager from February 2013 to November 2014, where he was responsible for revitalizing the brand and expanding its business globally.
From 2009 to 2013, Thatcher served as the President of the Neurosurgery Division at Integra LifeSciences Holdings Corporation.
Prior to joining Integra, Thatcher was at Bausch and Lomb in various roles from 2002 to 2009, including Vice President of the Americas and General Manager of its Canadian Division.
Before joining Bausch and Lomb, from 1997 to 2002, Thatcher worked in Allergan’s Surgical Products division.
Thatcher also serves as a Director of Micro Interventional Devices, Inc.
He earned his bachelor’s degree from Lafayette College.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Neuronetics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 10.2020 ($).