Accuray CFO resigns, new CFO comes from Conceptus

Accuray CFO resigns, new CFO comes from Conceptus

California radiosurgery systems maker Accuray (NSDQ:ARAY) is taking its new CFO from Conceptus (NSDQ:CPTS) after announcing the departure of former finance chief Derek Bertocci.

Bertocci is leaving the company after about 4.5 years, during which time he saw the company through its 2011 merger with TomoTherapy. He said he’s looking forward to "taking a break in my career and taking time to spend with my family," and he will also continue to work for Accuray in a consulting capacity at a rate of $27,716.67 per month, according to company filings.

New executive vice president and CFO Gregory Lichtwardt was previously EVP and CFO for Conceptus, a Mountain View, Calif.-based contraception devices maker that was just earlier this year acquired by Bayer (PINK:BAYRY) in a $1.1 billion deal that closed officially in June.

Lichtwardt also serves on the board of Biolase (NSDQ:BLTI) as chair of the audit committee and member of the compensation committee, according to a press release.

"Greg will play a significant role at Accuray as we pursue long-term strategic growth opportunities," Accuray CEO Joshua Levine said in prepared remarks. "His experiences will prove invaluable as we expand our commercial footprint and shareholder value."

Lichtwardt is to receive a base salary of $355,000, according to documents filed with the SEC, and he’s eligible for an annual performance bonus of up to 65% of that. Accuray is working out the terms of the separation agreement with Bertocci.

Accuray garnered some Wall Street favor in recent weeks after the company narrowed losses in its 4th quarter, even as sales dropped by more than 15%.

ARAY shares dropped 1% today, trading at $6.55 as of about 1:00 p.m.

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