Cutera Inc. has announced the departure of its CEO and Executive Chairman, David Mowry and Daniel Plants, respectively, and made significant changes to the company's executive leadership. The Board of Directors has appointed Sheila A. Hopkins as Interim Chief Executive Officer and Janet D. Widmann as Independent Chair of the Board, effective immediately. The Board's search for a permanent CEO is underway. This article highlights the events leading up to this announcement and the changes made in the company's executive leadership.

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Termination of the CEO and Executive Chairman

Following the unanimous recommendations of a special committee comprising all members of the Board's Governance and Corporate Responsibility Committee and the majority of the members of the Board of Directors, the CEO, David Mowry, and Executive Chairman, Daniel Plants, were terminated for cause. The Board's independent directors had begun exploring a CEO transition in November 2022, and Mr. Plants recommended the immediate termination of Mr. Mowry, indicating that he wanted to succeed him as the company's next CEO. The Board decided to seek an external CEO candidate with the assistance of an executive search firm, and after this decision, Mr. Mowry and Mr. Plants issued a press release that violated their employment agreements and their fiduciary duties as directors and officers under Delaware law.

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New Appointments to the Executive Leadership

The Board of Directors has appointed Sheila A. Hopkins as Interim CEO and Janet D. Widmann as Independent Chair of the Board, effective immediately. Ms. Hopkins has served as a member of Cutera's Board of Directors since May 2021 and currently serves as a director for Prestige Consumer Healthcare. Ms. Widmann has served as a member of Cutera's Board of Directors since December 2021. She is a member of the Board of Directors of Avista Corporation and Acorn Health and has been an advisor to Vida Health. Both new executives have extensive experience in executive leadership roles and are well-positioned to oversee the execution of Cutera's strategy to drive the business forward.

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Withdrawal of the 2023 Outlook

In connection with the actions taken today, the company announced that it is withdrawing its full-year 2023 outlook.

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Members of LevelFields received the alert of this event on April 12, 6:30 AM ET

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