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Accuray Inc. (ARAY) CEO Euan Thomson Quits


10/18/2012 8:16:19 AM

San Francisco Business Times by Steven E.F. Brown, Web Editor

Euan Thomson quit as president and CEO of Accuray Inc. on Oct. 11.

The Sunnyvale company (NASDAQ: ARAY) replaced him the next day with Joshua Levine, 54, who was also given a seat on the board of directors to fill the empty spot left by Thomson.

According to the details of Accuray's report to the Securities and Exchange Commission on Wednesday, Levine "attended to personal matters" for the last year before he was hired. From June 2011 to October 2011 he was president and CEO of Immucor Corp. In the past, he worked 14 years at Mentor Corp., which makes medical devices.

Levine's salary will be $625,000, and he'll get 90 days of "reasonable business expenses and temporary housing expenses" not to exceed $6,000 a month, reimbursed by the company, according to his employment agreement.

His bonus will be as much as 120 percent of his salary, or $750,000.

Accuray makes cancer treatment technology, including radio surgery and radiation therapy devices, some of which are sold under the "CyberKnife" brand.

In the year ended June, Accuray lost $72 million on sales of $409.2 million. At that time, the company had accumulated a deficit of $216.4 million.




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