Eric Honroth, formerly the global president of life science at the Swedish medical-technology firm Getinge, is set to take the helm on November 2. He will replace current chief executive James Clemmer, who will remain with the company in a consulting role to facilitate the handoff. Honroth will also secure a seat on the board of directors as part of the executive transition.

Under the terms of his new contract, Honroth will command a base annual salary of $735,000. His compensation package includes an annual performance bonus targeted at 95% of his base pay, reflecting the board's expectations for the incoming leadership despite the immediate negative market response.