- Microelectronics manufacturer Revasum (REV) has announced the resignation of its president, CEO and director, Jerry Cutini
- Jerry cited ‘Good Reason’ for leaving pursuant to his employment contract, however, the company is disputing his claim to subsequent severance benefit claims
- The formal announcement from REV says Jerry continues to assert that he resigned for ‘Good Reason’
- Under his contract, this would entitle him to approximately US$750,000 (roughly A$987,000) in salary and bonus payouts, alongside health insurance reimbursements and the release of currently unvested equity instruments
- REV says they will continue to dispute the basis for Jerry’s claim to such severance benefits
- The remaining team is sharing leadership duties while the search for a CEO is underway, according to a statement
- Shares in Revasum are trading flat on the market at 27.5 cents each
Microelectronics manufacturer Revasum (REV) has announced the resignation of its president, CEO and director, Jerry Cutini.
Jerry cited ‘Good Reason’ for leaving pursuant to his employment contract, however, the company is disputing his subsequent severance benefit claims.
The formal announcement from REV says Jerry “continues to assert that he resigned for ‘Good Reason,’ as defined in his employment agreement”.
Under his employment agreement, this would entitle him to approximately US$750,000 (roughly A$987,000) in salary and bonus payouts, alongside health insurance reimbursements and the release of currently unvested equity instruments.
REV says they will continue to dispute the basis for Jerry’s claim to such severance benefits.
The remaining board is now comprised of four Non-Executive Directors, three
of whom are independent. Mr. Vivek Rao was elected as Chairman of the board effective August 18, 2020.
Shares in Revasum are trading flat on the market at 27.5 cents each.