Thatcher also resigned as director of the board of directors and his employment is expected through May 1. He will continue to provide transition services and advice to the company. Neuronetics said that Thatcher’s resignation was a mutual agreement and not a result of any misconduct, inappropriate action, accounting irregularities or material deterioration.
Chief financial officer Steve Furlong and general counsel Andrew Macan will serve as interim presidents while the company searches for a new CEO. Furlong and Macan will remain in their current positions while carrying out ongoing leadership and oversight of day-to-day operations for the company. Chairman of the board Brian Farley was appointed as the liaison to the office of the president.
“We wish Chris well as he departs to pursue interests outside the Company and appreciate his willingness to continue as an advisor for us over the next two months. We are grateful for his service to our company over the past five-plus years,” Farley said in a news release. “We are pleased to have experienced executives in Steve and Andy to work with the Board and serve in the Office of the President. I am excited to work directly with them while we conduct a formal search for a new CEO.”
Furlong has more than 33 years of commercially-focused finance experience and has held numerous leadership positions at Metabolon, Rapid Micro Biosystems, Hologic, Safety First, Stratus Computer and Raytheon.
Macan joined Neuronetics in January as the company’s senior VP, general counsel, chief compliance officer and corporate secretary. Prior to joining the company, Macan held a number of leadership roles at U.S. Silica Holdings, Axalta Coating Systems, The Chubb Corporation and Ballard Spahr.
“It has been a privilege to be part of Neuronetics and its dedicated team for over five years, and I am very proud of being part of a team that built the category-leading NeuroStar Advanced Therapy System and commercial organization,” Thatcher said. “It has been an incredible opportunity to have helped thousands of patients suffering with Major Depressive Disorder and their families renew their lives with NeuroStar. I believe that the Company has a great future and is in excellent hands with a strong team that will continue to build on the important progress we have made.”
The company reaffirmed its fiscal year 2020 financial guidance, expecting to log a revenue range of $69 million to $71 million for the year.
Shares in STIM were down -0.38% to $2.60 apiece in pre-market trading.