Research Reports

Key takeaways

Dr. Erica Schwartz to resign as director upon U.S. Senate confirmation as CDC Director; remains nominee for 2026 Annual Meeting.

Caroll H. Neubauer appointed to Board effective May 18, 2026, serving on Compensation and Technology Committees until June 18 Annual Meeting.

Board size increased to eight directors; Neubauer determined independent under NYSE standards.

Neubauer receives prorated nonemployee director compensation and $300,000 RSUs vesting over three years.

Neubauer brings 30+ years medtech experience, including growing B. Braun revenue from $1B to $8B as Chairman/CEO of B. Braun USA.

No arrangements or material transactions involving Neubauer disclosed.

Full analysis

The contingent resignation of Dr. Erica Schwartz introduces minor uncertainty to board composition, as her departure hinges on an unknown Senate confirmation timeline, but she remains a nominee for the June 18, 2026 Annual Meeting. Caroll H. Neubauer's appointment strengthens governance with his extensive medtech leadership, including scaling B. Braun's revenue significantly and roles at AdvaMed and Water Street Healthcare Partners. As an independent director on key committees, he adds expertise in regulatory, commercial, and global healthcare strategy relevant to Butterfly's ultrasound platform growth. Compensation aligns with standard policy, featuring a $300,000 RSU grant vesting over three years, signaling commitment without excessive dilution.

BFLY · Butterfly Network, Inc.

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