Favet’s resignation goes into effect on July 10, 2023. He intends to participate in NeuroPace’s officer severance benefit plan, according to a news release. The company — maker of the FDA-approved RNS system for treating epilepsy — provided no further details on the reason for Favet’s resignation.
In connection with his resignation, Favet and NeuroPace entered into a consulting agreement. He agreed to serve as an advisor providing consulting services for 12 months from the separation date to assist with the transition.
On June 28, NeuroPace appointed Joel Becker to the vacated CEO and board member positions. His appointment goes into effect the same day as Favet’s resignation. Appointed as a Class I director, Becker’s term expires upon the company’s 2025 annual meeting of stockholders.
Becker, 55, most recently served as president at Viking North Ventures, a medical technology and healthcare advisory firm. That role lasted form October 2022 to July 2023. From April 2019 to October 2022, he served as president of Integer’s cardiac rhythm management and neuromodulation product category.
Other previous roles included CEO of Xchange Labs, plus leadership roles at St. Jude Medical. NeuroPace said Becker’s base salary totals $520,000 per year with an annual target bonus worth 75% of that base. Becker also received an option to purchase 380,424 shares of NeuroPace common stock. A quarter of those shares vest on the first anniversary of his appointment. The remainder vest in equal monthly installments over the following 36 months, subject to Becker’s continuous service with NeuroPace.
