The CEO of Varian Medical (NYSE:VAR) is planning to retire from the corner office in September, to be replaced by COO Dow Wilson, according to a regulatory filing.
Guertin, who’s led the medical device company since February 2006, plans to retire Sept. 28, when Varian’s fiscal year ends. He’ll stay on as a non-executive employee and vice chairman at Varian, which makes medical imaging equipment.
Guertin is set to be well-compensated for his service, including an annual base salary of more than $950,000, according to the filing.
Wilson, 53, has been an executive vice president and COO since October 2011. He was president of Varian’s oncology systems unit from August 2005 through September 2011, according to the filing. Wilson’s base salary is slated to be $900,000, with a bonus target of 113% of that.
Varian said its senior finance vice president and controller, Tai-yun Chen, also retired, to be replaced by operations controller Clarence Verhoef at an annual salary of $290,000. The company’s board added a member, Erich Reinhardt, as well as a seat for Wilson.
And Varian’s board authorized an 8 million share buyback good from Sept. 29 through Dec. 31, 2013.