Business
Neuronetics, Inc. announces Chris Thatcher will step down as President and CEO
MALVERN, Pa., March 05, 2020 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical technology company focused on designing,
About this update from Neuronetics, Inc.
[{"type":"text","content":"MALVERN, Pa., March 05, 2020 (GLOBE NEWSWIRE) -- Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical technology company focused on designing, developing and marketing products that improve the quality of life for patients who suffer from psychiatric disorders, today announced that the 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. In connection with his departure, Mr. Thatcher also resigned as a director of the Company’s Board of Directors (the “Board”). Mr. Thatcher’s employment is expected to continue through May 1, 2020, during which time he will provide transition services and advice to the Company. 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.\n The Board has established an interim Office of the President to provide ongoing leadership and oversight of the day-to-day operations of the Company while the Board of Directors conducts a search for a new CEO. The Office of the President is to be filled by Steve Furlong, Chief Financial Officer, and Andrew Macan, General Counsel, both of whom will remain in their current positions while carrying out their new responsibilities. Neuronetics’ Board appointed Brian Farley, Chairman, as the liaison to the Office of the President and he will meet regularly with and oversee the activities of Office of the President. Neuronetics has asked Mr. Thatcher to serve as an advisor to the Company through May 1, 2020. “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. We are grateful for his service to our company over the past five plus years,” said Mr. Farley. “We are pleased to have experienced executives in Steve and Andy to work with the Board and serve in the Office of the President. I am excited to work directly with them while we conduct a formal search for a new CEO.” Mr. Thatcher said, “It has been a privilege to be part of Neuronetics and its dedicated team for over five years, and...