Warren, who originally came out of retirement in June 2008 to take over Urologix’s corner office, will stay on as a salaried employee until March 29, 2013.
Following a transition period, Warren will stay on as a consultant to the company at a rate of $1,000 for each 8-hour day, which Urologix will prorate for partial days of service, according to a regulatory filing.
"During his four year tenure as CEO, [Warren] revitalized the company’s relationships with the urologic community, organized the original patient education initiatives which have become the principal driver of the company’s growth strategy, built a strong leadership team to include the recruitment of Mr. Fluet and steered the company through a difficult decline in the in-office BPH therapy market," according to a Urologix press release.
Urologix appointed current CFO Greg Fluet to take over as interim CEO while the board searches for a permanent chief.
Fluet joined Urologix just 1 month after Warren took over, prior to which he worked at a medical device venture capital firm.
Minneapolis, Minn.-based Urologix recently posted its 2nd-quarter sales, touting an impressive 42% boost in sales but more than doubling its losses.