The Braintree-based blood management company said Meelia is leaving the board “in order to spend more professional time on Covidien’s operations.”
Meelia is leaving two years before his term was set to end in 2011. He joined the board in 2005 and was re-elected in July 2008.
He owns just more than 26,000 shares of Haemonetics stock valued at $1.3 million, based on today’s opening price of $50 per share. Meelia earned about $88,000 in directors fees in 2007, according to the company’s last proxy statement, and also served on the company’s compensation committee.
The move comes smack in the middle of a major restructuring for Covidien. The company, incorporated in Bermuda, is switching its incorporation to Ireland to take advantage of that country’s low corporate tax rate, according to regulatory filings. Covidien will hold a special shareholders meeting at its Mansfield headquarters May 28 to discuss the move.
As for Haemonetics, Brian Concannon took the helm from Brad Nutter as president and CEO April 2, the company said.
That deal moves Nutter to a board seat that will pay him in excess of $300,000 a year.
Concannon himself will pull in an annual salary of $550,000 and be eligible for bonuses of up to $412,500 should he meet performance goals. Concannon will also be given a stock grant of nearly 33,000 shares of common stock and 2,000 shares of restricted stock that will vest over the next four years.
Provisions in Concannon’s contract call for kill fee of three times his salary and bonus if Haemonetics decides to buy out his contract, plus benefits for three years.
Concannon, 51, joined Haemonetics in 2003 as president of its patient division, following stints with American Hospital Supply Corp., Baxter Healthcare Corp., Allegiance Healthcare and Cardinal Health Products and Services. Haemonetics promoted him to president of global markets in 2006 and COO in 2007.