Cutera to hold meeting on board member removals, amid CEO succession drama
Cutera Inc. (CUTR), a maker of devices used for skincare and body-sculpting, on Thursday said it would hold a special shareholder meeting on June 9 to weigh whether to remove five directors -- the latest in the drama over the company's CEO succession plans. The proposals on those removals, following concerns the directors were acting too slowly on those plans, were offered by two higher-ups that the company fired on Wednesday -- executive chair Daniel Plants and chief executive David Mowry. Their dismissals came amid allegations from Cutera's management that the two waged "an apparent campaign to seize control of the Company," following its decision to seek an external candidate for the top spot. That campaign, Cutera alleged, involved the disclosure of "highly confidential internal deliberations of the Board in direct violation of their employment agreements." Cutera said that as it began exploring options for a new chief executive last year, Plants called for Mowry's "immediate termination" and indicated he wanted to succeed Mowry as CEO. Plants had made a similar move in 2021, the company alleged. Shares fell 2.2% after hours.
-Bill Peters
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
04-13-23 1757ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth