Neuronetics, Inc. announced the retirement of its former CEO, the resignation of its CFO, and a workforce reduction expected to yield annualized cost savings of $2.5 to $3.0 million.
Key takeaways
Former President and CEO Keith J. Sullivan entered a consulting agreement through March 31, 2027, with no additional compensation but continued equity vesting.
CFO Steven E. Pfanstiel will resign effective May 1, 2026, with the company initiating a search for his successor.
The company initiated a workforce reduction impacting up to 5% of employees, expecting $0.2 million in restructuring charges in Q2 2026.
The company reaffirmed the financial guidance provided during its Q4 2025 earnings call on March 17, 2026.