Northstar Neuroscience, Inc. announced the resignation of John S. Bowers as president and chief executive officer (CEO) of the company. Bowers is resigning in connection with the orderly wind down of the company’s business and operations pursuant to the plan of dissolution and not in response to any performance or operational issues. He will remain a director of the company.
Bowers has agreed to provide consulting services to the company, on an as-needed basis, through December 31, 2009, pursuant to a consultant agreement between the company and Bowers. Bowers will be compensated for services rendered at an hourly rate and will receive a lump sum payment of $50,000 upon completion of specific milestones related to the plan of dissolution and the related orderly wind down of the company’s business and operations.