iRhythm Technologies (Nasdaq:IRTC) announced that chief operating officer (COO) Douglas Devine resigned from his position.
In an SEC filing, iRhythm attributed Devine’s resignation to its ongoing “business transformation.” His resignation is dated March 10, 2023. In connection with his resignation, Devine entered into a consulting agreement with the company. Under this agreement, he will assist with the transition of his role and consult as an executive advisor through July 3, 2024.
Devine and iRhythm also entered into a resignation and release of claims agreement. Pursuant to these terms, he shall receive his base salary and continued standard benefits through the separation date. Devine also received cash severance payments equivalent to his base salary on the separation date for 12 months following that date. He also receives premium payments for continued healthcare coverage for 12 months following separation. iRhythm said it intends to make a cash payment equal to $69,000 as a severance bonus.
Devine previously served as iRhythm’s CFO, having been appointed in July 2020.
In addition to Devine’s resignation, iRhythm announced a role change for Daniel Wilson. He previously served as EVP of corporate strategy, corporate development and investor relations. Effective March 10, Wilson became EVP of corporate development and investor relations.
iRhythm also reaffirmed its financial guidance for 2023 despite its “business transformation.” The company expects revenue to grow between 16% and 18%, ranging from $475 million to $485 million.
iRhythm media relations did not immediately respond to request for comment — this article may be updated.