LivaNova PLC LivaNova Plc: Resignation of Chief Financial Officer
01 April 2017 - 12:05AM
UK Regulatory
TIDMLIVN
RNS - LivaNova Plc: Resignation of Chief Financial Officer
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
31 March 2017
LivaNova Plc - Resignation of Chief Financial Officer
On 29 March 2017, Vivid Sehgal, a person discharging managerial
responsibility, resigned his position as Chief Financial Officer of
LivaNova Plc ("LivaNova"), effective on 31 May 2017, to pursue
other opportunities. LivaNova has commenced a search for Mr.
Sehgal's successor. Mr. Sehgal will make himself available after 31
May 2017, if needed, to support the transition of his
responsibilities to his successor.
On 30 March 2017, the Compensation Committee of LivaNova's Board
of Directors approved the following compensation in connection with
Mr. Sehgal's separation in exchange for a release of claims and his
cooperation with the transition of his responsibilities: (i) four
months of base salary, or GBP106,667 ($133,754) ; (ii) four months
of supplemental pension contribution, or GBP28,000 ($35,110); (iii)
four months of car allowance, or GBP4,400 ($5,517); (iv) five
months of his 2017 target bonus, or GBP100,000 ($125,394); (v)
seven months of supplemental health insurance coverage (through
December 31, 2017) for him and his family, or approximately
GBP42,000 ($52,666); (vi) legal fees for his solicitor not to
exceed GBP10,000 ($12,539); and (vii) accelerated vesting of 5,208
service-based restricted stock units that otherwise would have
vested in March 2018. In addition, Mr. Sehgal will be entitled to
payment of his bonus for 2016 in the amount of GBP192,000
($240,756).
About LivaNova
LivaNova PLC is a global medical technology company built on
nearly five decades of experience and a relentless commitment to
improve the lives of patients around the world. LivaNova's advanced
technologies and breakthrough treatments provide meaningful
solutions for the benefit of patients, healthcare professionals and
healthcare systems. Headquartered in London and with a presence in
more than 100 countries worldwide, the company employs more than
4,500 employees.
LivaNova operates as three business franchises: Cardiac Surgery,
Neuromodulation and Cardiac Rhythm Management, with operating
headquarters in Mirandola (Italy), Houston (U.S.A.) and Clamart
(France), respectively.
For more information, please visit www.livanova.com or
contact:
Catherine Moroz
Company Secretary
Phone: +44 (0) 203 325 0662
e-mail: company.secretariat@livanova.com
Karen King
Vice President, Investor Relations & Corporate
Communications
Phone: +1 (281) 228-7262
Email: corporate.communications@livanova.com
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170331005224/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
March 31, 2017 09:05 ET (13:05 GMT)
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