Steve La Neve
ACCURAYAbout Steve La Neve
Steve La Neve was appointed Chief Executive Officer of Accuray on October 20, 2025, succeeding Suzanne Winter; he brings 40+ years of medtech leadership across Globus Medical, Becton Dickinson, Medtronic, and Bone Biologics, with a stated track record in margin expansion and revenue growth . Education: B.S. in Health Planning and Administration (Penn State) and MBA (West Chester University) . Initial performance under his tenure: fiscal Q1 2026 net revenue $93.9M (-7% YoY), service revenue +7% YoY to $56.8M, product revenue -23% YoY to $37.2M, net loss $21.7M ($0.18/share), adjusted EBITDA loss $4.1M; company recorded $2.8M restructuring charges to advance transformation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Globus Medical Inc. | President, Trauma & Joint Reconstruction; President, Globus Medical Japan K.K. | Not disclosed | Led global commercial and development activities in spine and joint robotics; operational leadership . |
| Bone Biologics Corporation | CEO and Board Member | Not disclosed | Executive leadership and governance in orthobiologics . |
| Becton Dickinson (BD) | Global President, Preanalytical Systems | Not disclosed | Global divisional P&L and operations . |
| Medtronic | Global Sector President, Spine & Biologics Division | Not disclosed | Global divisional leadership, spine/biologics portfolio . |
| ETEX Corporation | CEO | Not disclosed | Led to acquisition by Zimmer Holdings (historical role) . |
| Life Science Enterprises | CEO | Not disclosed | Executive leadership in life sciences . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Insight Medbotics | Board Director | Appointed Nov 2024 | MRI‑guided robotics strategy and financing expertise; medtech, imaging, navigation, robotics experience . |
Fixed Compensation
- Not disclosed for Steve La Neve in available filings. The 2025 Proxy describes general base salary practices for NEOs but does not include La Neve’s specifics given his October 2025 start date .
Performance Compensation
| Incentive Type | Metric/Structure | Target(s) | Actual/Payout | Vesting |
|---|---|---|---|---|
| Inducement RSUs | Time-based | N/A | N/A | 25% annually on each anniversary of Oct 31, 2025, contingent on continued service . |
| Inducement PSUs | Stock price performance vs “Starting Price” (30‑day VWAP prior to Oct 20, 2025) | Tranche 1: greater of $2.00/share or +25% vs Starting Price by 9/30/2027; Tranche 2: greater of $2.50/share or +60% by 9/30/2029; Tranche 3: greater of $3.00/share or +90% by 9/30/2031 . | Not yet measured/paid | Eligible to vest one year after achievement of each stock price goal; no more than 1/3 may vest before first anniversary and 2/3 before second anniversary of grant . |
Notes:
- Inducement awards granted outside the current equity plan per NASDAQ Rule 5635(c)(4), with terms generally consistent with Accuray’s 2016 Equity Incentive Plan .
- Exhibit 99.1 reaffirms CEO appointment and transformation plan execution; no additional performance plan specifics beyond inducement awards .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership reported on Form 4 (filed Nov 4, 2025) | 1,250,000 RSUs and 1,250,000 PSUs granted 10/31/2025; RSUs vest 25% annually; PSUs vest on price targets achieved in designated windows . |
| Press release grant sizing (inducement) | 1,500,000 RSUs and 1,500,000 PSUs (outside plan) . |
| Vested vs unvested | All RSUs/PSUs unvested at grant; RSUs vest over 4 years; PSUs require stock price goal achievement and a one‑year waiting period post‑achievement . |
| Pledging/Hedging | Prohibited for executives and directors under insider trading policy; no pledging allowed . |
| Stock ownership guidelines | CEO required to hold shares equal to ≥3x annual base salary; executives have 5 years from appointment to attain; retain ≥25% of net shares until compliant . |
Disclosure discrepancy: Press release cites 1.5M RSUs/PSUs; Form 4 reports 1.25M RSUs/PSUs. Investors should monitor subsequent filings for reconciliation .
Employment Terms
| Provision | Non‑Change‑in‑Control Termination | Change‑in‑Control (Double‑Trigger) Termination |
|---|---|---|
| Severance cash | Lump sum = 12 months base salary . | Lump sum = 24 months base salary . |
| Bonus treatment | Prorated current‑year bonus (conditions apply) or prior-year bonus if unpaid, without negative discretion . | 200% of target annual bonus (with floor if COC within first 3 months of fiscal year) . |
| Health benefits | COBRA premiums reimbursed for 12 months; plus taxable monthly payment equal to COBRA reimbursement for each of first 12 months . | Same COBRA reimbursement/taxable payment . |
| Equity vesting | Unvested awards generally forfeited unless otherwise specified; no single‑trigger vesting . | Full and immediate vesting of all unvested awards; performance awards vest at target unless award agreement specifies otherwise . |
| Triggers/definitions | “Double‑trigger” acceleration requires both COC and involuntary termination; “Good Reason” and “Cause” defined (material pay cut, breach, material diminutions, relocation ≥30 miles; detailed cure/notice periods) . | |
| Clawback | Adopted Nov 9, 2023; applies to cash incentives and equity under plans; recovery if restatement or material backlog reduction increases paid comp beyond recalculated amounts . | |
| Tax gross‑ups | None for COC excise taxes . | |
| Term/renewal | Employment agreements described for executives generally: 3‑year term with automatic successive 3‑year renewals unless non‑renewal notice (as of Feb 3, 2025 for then‑current executives) . |
Performance & Track Record
- Transformation plan acceleration: restructuring charges of $2.8M in Q1 FY2026 to reduce costs and streamline operations; CEO highlighted expanding system footprint and U.S. launch of Stellar configuration .
- Prior leadership credentials emphasize operational excellence and value creation in medtech; roles across Globus Medical, BD, Medtronic, Bone Biologics .
- Filing cadence: Form 3 (event date Oct 20, 2025; filed Nov 4, 2025) and Form 4 (grants dated Oct 31, 2025; filed Nov 4, 2025), confirming initial beneficial ownership reporting and inducement grants .
Governance & Shareholder Feedback
- Compensation practices: double‑trigger equity acceleration; independent comp consultant; no hedging/pledging; no COC excise tax gross‑ups; stock ownership requirements for executives and directors .
- Say‑on‑pay support: 93.2% approval at 2024 Annual Meeting; committee continued pay‑for‑performance framework in FY2025 .
Investment Implications
- Strong alignment: PSUs tied to multi‑year stock price milestones with staggered vesting constraints, promoting durable value creation rather than short‑term outcomes .
- Potential share issuance: If all inducement awards ultimately vest, total issuance could be 2.5–3.0 million shares based on Form 4 vs press release disclosures; this creates a modest overhang but is conditioned on performance and service, mitigating immediate dilution concerns .
- Selling pressure: Annual RSU vesting (25% per year starting Oct 31, 2026) introduces predictable supply that may be offset by performance‑linked PSU vesting pacing and double‑trigger protections discouraging short‑term exit .
- Retention and risk: Robust severance economics (up to 24 months salary + 200% target bonus on COC termination) and immediate equity acceleration at target in COC scenarios support retention through change events; clawback and no‑pledging policies reduce governance red flags .
- Early execution watchpoints: Q1 FY2026 softness and restructuring underscore the need to track revenue mix, margin trajectory, and backlog conversion under the transformation plan; CEO commentary points to margin expansion goals and U.S. product initiatives .