Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 12, 2019, the board of directors (the “Board”) elected Stacey Stevens to serve as President of iCAD, Inc. (the “Company”). In accordance with the Instruction paragraph (c) to Item 5.02 of Form8-K, the Company delayed filing this Current Report on Form8-K until the issuance of the press release referenced in Item 7.01 of, and furnished as Exhibit 99.1 to, this Current Report on Form8-K.
Since joining the company in 2006, Ms. Stevens, age 51 has held several senior executive-level roles with increasing responsibility and has most recently served as Executive Vice President & Chief Strategy and Commercial Officer. Ms. Stevens brings more than 20 years of global business development, sales and marketing leadership experience with distinguished organizations such as Philips Medical Systems, Agilent Technologies and Hewlett Packard’s Healthcare Solutions Group to the Company. Prior to her tenure at the Company, she held the position of Vice President, Marketing Planning at Philips Medical Systems, where she was responsible for the leadership of all global marketing planning functions for Philips’ Healthcare Business. From 2003 to 2005, she was Vice President of Marketing for the Cardiac and Monitoring Systems Business Unit of Philips where she was responsible for all marketing and certain direct sales activities for the America’s Field Operation. Prior to that, Ms. Stevens held several key marketing management positions in the Ultrasound Business Unit of Hewlett-Packard/Agilent and Philips Medical Systems. Ms. Stevens earned a Bachelor of Arts Degree in Political Science from the University of New Hampshire, and an MBA from Boston University’s Graduate School of Management.
In connection with Ms. Steven’s election to President, the Board approved (i) an annual base salary increase to $323,000 from $305,000, (ii) a grant of options to purchase 25,000 shares of common stock, exercisable in three equal annual installments beginning March 25, 2020, and (iii) an increase in target bonus to 45% of annual base salary, from 40% of annual base salary.
| Item 7.01. | Regulation FD Disclosure. |
The information set forth in Item 5.02 above is incorporated by reference herein. On March 28, 2019, the Company issued the press release that is furnished as Exhibit 99.1 to this Current Report on Form8-K, which is incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
