Accuray Loses CFO; Hires New Executive from Conceptus

Sunnyvale, Calif.-based Accuray Inc. lost its chief financial officer (CFO) on Sept. 2. Former Senior Vice President and CFO Derek Bertocci resigned in order to, according to his official statement, “take a break in his career and spend time with his family.” Bertocci has served Accuray as CFO for five years, and is expected to remain in a consulting capacity.

The radiation oncology company has hired nine-year Conceptus veteran Gregory Lichtwardt as its new CFO. Lichtwardt served medical products manufacturer Conceptus as its executive vice president and CFO, and during his tenure, Conceptus’ sales grew from $8 million to $141 million.

Lichtwardt brings 33 years of financial and operational leadership experience in building technology companies. Prior to joining Conceptus, he served as executive vice president, CFO and corporate secretary of Innoventry, a financial services company. He was previously with Ocular Sciences a developer and marketer of soft contact lenses, as vice president of finance and CFO, a company which he took public. Prior to that, Lichtwardt held senior management positions with Allergan and started his career with American Hospital Supply Corporation. He also serves on the board of directors of Biolase, where he is the chair of the audit committee and participates on the compensation committee.

“This is an exciting time to be joining Accuray,” said Licjtwardt. “The company has made significant strides, is led by a talented team and is positioned to achieve significant growth. I am energized by the challenge and look forward to contributing to the company’s success and drive to profitability.”

“Greg brings broad medical device industry experience and important leadership skills that will drive the planning and execution of our financial strategies,” said Joshua H. Levine, president and CEO of Accuray “In addition, Greg will play a significant role at Accuray as we pursue long-term strategic growth opportunities. We are delighted to have Greg join the Accuray team at this pivotal point in our evolution. His experiences will prove invaluable as we expand our commercial footprint and shareholder value. I would also like to thank Derek Bertocci for his leadership and guidance over the years at Accuray.”

The switch in the CFO office comes days after Accuray announced its fourth quarter and full year financial results for fiscal year 2013. The company showed growth for the second quarter in a row, and reduced its operating expenses.