Cyberonics reported Monday it will pay former CEO, president and chairman Robert P. Cummins $1.7 million, provide 75,000 in unregistered company stock shares and accelerated vesting of other benefits. Cummins and former VP and CFO Pamela B. Westbrook quit the medical device maker last week due to a stock options scandal. Westbrook, who gets $300,000, has become a $1,200-per-day Cyberonics consultant. The company, which is under federal investigation, plans to restate its past five years’ financial results.
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Posted on Tuesday, November 21st, 2006. Filed under: Employment, Law Misc
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Cyberonics reported Monday it will pay former CEO, president and chairman Robert P. Cummins $1.7 million, provide 75,000 in unregistered company stock shares and accelerated vesting of other benefits. Cummins and former VP and CFO Pamela B. Westbrook quit the medical device maker last week due to a stock options scandal. Westbrook, who gets $300,000, has become a $1,200-per-day Cyberonics consultant. The company, which is under federal investigation, plans to restate its past five years’ financial results.
Popularity: 1% [?]
Posted on Tuesday, November 21st, 2006. Filed under: Business Law, Law Misc
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