Posted 30 September, 2022
AVITA Medical, Inc. appointed James Corbett as new CEO
Nasdaq:RCEL appointed new Chief Executive Officer James Corbett in a 8-K filed on 30 September, 2022.
Effective September 28, 2022, the Board of Directors of the Company appointed James Corbett as the Company's President and CEO.
Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of AVITA Medical, Inc.
Health Care/Life Sciences • Pharmaceuticals
AVITA Medical, Inc., through its subsidiaries, engages in the development and commercialization of a technology platform that enables point-of-care autologous skin restoration for multiple unmet needs. Its product, RECELL system, is a device that enables healthcare professionals to produce a suspension of spray-on skin cells using a small sample of the patient's own skin for the treatment of acute thermal burns. The company was founded in December 1992 and is headquartered in Valencia, CA.Market Cap
$451M
View Company Details
$451M
Relevant filing section
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. Departure of Chief Executive Officer. Effective September 28, 2022, the Board of Directors of Avita Medical, Inc. (the "Company") terminated the employment of Dr. Michael Perry, the Company's President and CEO. Dr. Perry remains a director of the Company. Appointment of President and Chief Executive Officer. Effective September 28, 2022, the Board of Directors of the Company appointed James Corbett as the Company's President and CEO. Mr. Corbett served as a Non-Executive Director of the Company from July 2021 until September 28, 2022. He has approximately 40 years of leadership experience in the medical device field, most recently as CEO of CathWorks Ltd., a software-based medical technology company. Mr. Corbett has global commercial and operating experience, serving as an expatriate General Manager of Baxter Japan and later as General Manager and President of Scimed Life Systems Inc. and Boston Scientific International, respectively. During his career he has served as CEO of three publicly listed companies: Microtherapeutics Inc (MTIX), ev3 Inc (evvv) and Alphatec Spine (ATEC). Mr. Corbett has also led two private companies as CEO: Home Diagnostics Inc. and Vertos Medical. Mr. Corbett holds a Bachelor of Science in Business Administration from the University of Kansas. In connection with such appointment, Mr. Corbett and the Company entered into an Employment Agreement dated as of September 26, 2022, effective September 28, 2022 (the "Employment Agreement"). The Employment Agreement provides for an annual base salary of $600,000 (subject to annual review) for an initial term of three years. If Mr. Corbett's employment is not terminated, or no notice of termination has been provided, prior to the third anniversary of his employment or each annual anniversary thereafter, Mr. Corbett's employment will be automatically extended on the same terms and conditions for successive periods of one year. Pursuant to the Employment Agreement, on September 28, 2022 Mr. Corbett received a grant of stock options equal to $1,000,000, subject to approval of the Company's stockholders at its next Annual Meeting of Stockholders. Such options will vest based on Mr. Corbett's continued employment with the Company over four years in equal annual installments, with the first installment vesting upon the completion of the first year of service. Additionally, Mr. Corbett's annual target bonus opportunity is 60% of his base salary, and is based on the achievement of individual and Company performance goals established by the Board (although the actual bonus may be lower or higher, within a minimum bonus opportunity of 0% of base salary and a maximum bonus opportunity of 200% of base salary, as determined by the Board). The Company may terminate Mr. Corbett's employment at any time without cause, effective upon delivery to Mr. Corbett of written notice of such termination and payment of all monies owed. The Employment Agreement also provides that Mr. Corbett is entitled to certain customary benefits, such as participation in retirement and medical and other plans and vacation leave.
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