SUNNYVALE, Calif., Jan. 17, 2012 /PRNewswire/ -- Cepheid (Nasdaq: CPHD) today announced that it has appointed Mr. Mike Fitzgerald to the position of Senior Vice President, Human Resources, effective January 14, 2012.
Mr. Fitzgerald joins Cepheid from Verigy, Inc., a wholly owned subsidiary of Advantest Corp., where he most recently served as Senior Vice President of Human Resources. Prior to Verigy, Mr. Fitzgerald was Vice President of Human Resources at Varian, Inc. where he was responsible for the development and implementation of a global human resources program in support of the company's corporate goals for approximately 3,500 employees worldwide. In total, Mr. Fitzgerald brings more than two decades of broad human resources experience to Cepheid, including Vodafone, PLC, and Xerox Financial Services.
In connection with his employment, the Compensation Committee of Cepheid's Board of Directors has granted Mr. Fitzgerald an option to purchase 56,000 shares of Cepheid common stock at the closing price of Cepheid common stock on Mr. Fitzgerald's employment commencement date and restricted stock units in respect of 10,000 shares of Cepheid common stock. The option will become exercisable by Mr. Fitzgerald over four years, with 25% vesting on the one-year anniversary of grant and ratably monthly thereafter, and will expire after seven years from the grant date, so long as Mr. Fitzgerald continues to be employed or provide services to Cepheid. The restricted stock units will become exercisable by Mr. Fitzgerald over four years, with 25% vesting on the one-year anniversary of the grant and as to an additional 1/16th of the restricted stock units at the end of each three-month period thereafter, so long as Mr. Fitzgerald continues to be employed or provide services to Cepheid. The option and restricted stock units were granted as inducement grants pursuant to Section 5635(c)(4) of The NASDAQ Stock Market Rules.
Based in Sunnyvale, Calif., Cepheid (Nasdaq: CPHD) is a leading molecular diagnostics company that is dedicated to improving healthcare by developing, manufacturing, and marketing accurate yet easy-to-use molecular systems and tests. By automating highly complex and time-consuming manual procedures, the company's solutions deliver a better way for institutions of any size to perform sophisticated genetic testing for organisms and genetic-based diseases. Through its strong molecular biology capabilities, the company is focusing on those applications where accurate, rapid, and actionable test results are needed most, such as managing infectious diseases and cancer. For more information, visit http://www.cepheid.com.