An announcement from Iridex ( (IRIX) ) is now available.
In a significant leadership change, Dave Bruce was terminated as CEO on October 1, 2024, and resigned from the Board on November 11, 2024, receiving a separation package including accelerated vesting of stock options. Patrick Mercer, now CEO, retains a base salary of $360,000 with a potential 65% bonus, alongside a severance agreement offering 150% of his salary under specific conditions. Additionally, Kenneth E. Ludlum joins the Compensation Committee, influencing the company’s strategic direction.
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