Summary by Futu AI
Illumina announced that Charles Dadswell, General Counsel and Secretary, will depart from his current role effective October 3, 2024. Scott Davies, Vice President, Legal – Chief Corporate Counsel and Assistant Secretary, will serve as Interim General Counsel and Secretary. Dadswell will continue as an employee-advisor through March 31, 2025, supporting the CEO and Board of Directors.Under the Advisory Agreement, Dadswell will maintain his regular cash compensation, including 2024 annual incentive award and benefits. Upon satisfactory completion of advisory services, he will receive an additional $600,000 lump-sum payment. The Separation Agreement provides further benefits including one year's base salary, 12 months of COBRA coverage, executive physical benefit, and outplacement services.