Gregory Lucier will continue to serve, in a permanent capacity, as CEO of medical devicemaker NuVasive.
Lucier, 51, has served as chairman and interim CEO since March 27, and has been on the company's board since December 2013. His appointment comes after the San Diego-based manufacturer of spine devices went through a dramatic leadership transition this year.
The company announced April 1 that Alex Lukianov, NuVasive's founder and CEO since 1999, had resigned after an independent audit found he did not comply with the company's “expense reimbursement and personnel policies.” The company did not disclose how much money was involved but said the amount was immaterial.
Lucier's initial base salary will be $800,000 a year, with a target annual cash incentive bonus of 115% of his base salary that could be as much as 230%, based on company performance. It's been agreed that his fiscal 2015 payout will be at least $1 million, and he has also been granted various stock and performance-based cash awards for the long term, according to an SEC filing.
Before working at NuVasive, Lucier served as chairman and CEO of biotechnology firm Life Technologies, where he worked for 11 years. He also served as a corporate officer at General Electric and an executive at GE Medical Systems.