On Sunday, Hansen Medical and its chief operating officer, Gay Restani, agreed that his “employment with the company would end” on March 1. He will remain as a director on the board.
The news was released Thursday in a filing with the SEC, the same day the company reported earnings that missed Wall Street expectations for the maker of robotic medical devices.
Restani, 61, joined Hansen’s board in September 2006 and was named president and COO a month later. He doesn’t own any Hansen shares outright, but holds options to buy 450,000 shares, which will continue to be exerciseable as long as he remains on the board.
He is entitled to severance pay equal to 12 months of his salary, if the company terminates his employment for any reason other than cause or disability, which may explain why the company doesn’t say he quit or resigned.