Summary
This 8-K filing from Boston Scientific Corporation (BSX) on June 3, 2008, primarily details significant executive leadership changes and associated compensation. Notably, President and CEO James R. Tobin will extend his tenure. The company also announced the appointment of Fredericus A. Colen as the new President of its Cardiac Rhythm Management (CRM) group, bringing extensive experience from within BSX and the medical device industry. Furthermore, the report outlines the retirement of Chief Operating Officer Paul A. LaViolette, effective June 30, 2008, transitioning to a Senior Advisor role until the end of the year. Mr. LaViolette's departure includes a comprehensive separation agreement with substantial financial provisions, including a base salary continuation, a pro-rated bonus, and significant separation payments in 2009 and 2010, contingent on his compliance with non-disclosure and non-competition clauses. These changes indicate a strategic reshaping of leadership within key operational areas of the company.
Key Highlights
- 1President and CEO James R. Tobin is extending his tenure with the company.
- 2Fredericus A. Colen appointed as President of the Cardiac Rhythm Management (CRM) group.
- 3Paul A. LaViolette, COO, will retire effective June 30, 2008, becoming Senior Advisor until December 31, 2008.
- 4Mr. LaViolette will continue to receive his current base salary through December 31, 2008.
- 5Mr. LaViolette is eligible for a 2008 bonus of $675,000 and potential additional bonus related to FDA matters.
- 6Significant separation payments totaling over $7.2 million are outlined for Mr. LaViolette in 2009 and 2010, subject to agreement terms.
- 7The company will continue executive life insurance payments and provide financial planning reimbursement for Mr. LaViolette.