Posted 27 June, 2023

Eargo, Inc. appointed William Brownie as new CEO

Nasdaq:EAR appointed new Chief Executive Officer William Brownie in a 8-K filed on 27 June, 2023.

  On June 23, 2023, the Board appointed William Brownie as interim Chief Executive Officer of the Company to succeed Mr. Gormsen, effective June 30, 2023.  

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Overview of Eargo, Inc.
Health Care/Life Sciences • Medical Equipment/Supplies
Ebara Corp. engages in the manufacture and sale of industrial machineries. It operates through the following segments: Fluid Machinery and Systems, Environmental Plants, Precision Machinery, and Others. The Fluid Machinery and Systems segment deals with the manufacture, sale, and maintenance of pumps, compressors, turbines, cooling machines, and blowers. The Environmental Plants segment handles engineering, construction, operation, and maintenance of municipal and industrial waste incineration plants and water treatment plants. The Precision Machinery segment manufactures and sells vacuum pumps, plating systems, and exhaust gas treatment equipment. The Others segment includes business support services. The company was founded by Issey Hatakeyama in November 1912 and is headquartered in Tokyo, Japan.
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Relevant filing section
Item 5.02. 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 23, 2023, the Board approved plans for Christian Gormsen, President, Chief Executive Officer, and member of the Board of Directors, to separate from the Company and to step down from his positions as President, Chief Executive Officer, and director, in each case, effective June 30, 2023 (the "separation date"). The size of the Board will be reduced by one upon Mr. Gormsen's separation date, resulting in a remaining Board comprised of six directors. Mr. Gormsen's resignation from the Board was not due to any disagreement with the Company, and the Board and management team thank Mr. Gormsen for his years of service.

The Company and Mr. Gormsen have entered into an agreement (the "Agreement"), dated as of June 23, 2023, pursuant to which Mr. Gormsen is entitled to receive a lump sum severance payment of $990,000, which is equivalent to Mr. Gormsen's annual base salary and target annual cash bonus. Mr. Gormsen will also be eligible to receive payment or reimbursement by the Company of COBRA premiums for up to 12 months. In addition, any vested and outstanding stock options held by Mr. Gormsen as of the separation date will remain eligible for exercise until the date that is three years from the separation date, or, if earlier, the original expiration date or change in control of the Company. Mr. Gormsen's receipt of the payments and benefits described under the Agreement are subject to his execution of a customary release of claims and continued compliance with certain restrictive covenants.

The above description of the material terms of the Agreement is qualified in its entirety by reference to the full text of the Agreement, which the Company expects to file as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2023.

On June 23, 2023, the Board appointed William Brownie as interim Chief Executive Officer of the Company to succeed Mr. Gormsen, effective June 30, 2023. Mr. Brownie, 56, will also retain his role as Chief Operating Officer, in which capacity he has served at the Company since April 2019. From August 2016 through March 2019, Mr. Brownie served as the Company's Chief Customer Operations Officer. In addition, from January 2017 to June 2019 he served as the Company's Chief Financial Officer. From June 2015 to August 2016, Mr. Brownie served as an independent consultant to various companies. From January 2012 to June 2015, Mr. Brownie served as the Managing Director at Sonova e-Hearing Care, a group company of Sonova AG, a provider of hearing care products. Prior to that, from August 2001 to December 2011, Mr. Brownie served as Chief Financial Officer and then President and Chief Executive Officer of HearingPlanet Inc., which was purchased by Sonova AG. Mr. Brownie received a B.S. in business administration from San Diego State University-California State University.

At the time of this report, the Company has not entered into any new compensation arrangements with Mr. Brownie.