ABMD - Abiomed slips as COO retires after 15 years of service

Medical device maker, Abiomed (ABMD -3.6%) is in the red after the company announced the retirement of its Chief Operating Officer and Senior Vice President David Weber, after a 15-year tenure. Mr. Weber informed his decision on March 28, the company disclosed in a regulatory filing. After the retirement, he is expected to function as a scientific and technology advisor for the company for at least 30 hours per week. In addition to an annual salary of $255,000, Mr. Weber is entitled to equity compensation and a standard benefits package offered by the company as part of his new role. However, the compensation is unlikely to involve an annual cash incentive award. This year, Abiomed (NASDAQ:ABMD) shares have underperformed the broader market, as shown in this graph.

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Abiomed slips as COO retires after 15 years of service