Management ChangeApr 6, 2026, 04:41 PM
Neuronetics CEO Keith Sullivan Retires; Announces 5% Workforce Reduction
AI Summary
Neuronetics announced the retirement of CEO Keith Sullivan, who will transition to a consulting role. The company also initiated a workforce reduction impacting up to 5% of employees, expected to generate $2.5-$3.0 million in annualized cost savings.
Key Highlights
- Keith Sullivan retires as CEO, transitioning to a consulting role through March 31, 2027.
- Sullivan will continue to vest in outstanding equity awards during his consultancy.
- Workforce reduction of up to 5% of employees expected to be completed by mid-year 2026.
- Restructuring charges of approximately $0.2 million expected in Q2 2026.
- Annualized cost savings of $2.5-$3.0 million anticipated, primarily beginning in Q3 2026.