Only one founder of Solazyme (NASDAQ:TVIA) will remain as a full-time employee following the departure of Harrison Dillon from the company's board. The firm announced that Dillon, who is also Solazyme's president, resigned along with independent board member William Lese. Both resignations from the board are effective immediately; Dillon will formally step down as president on September 30, but continue to work as a consultant with the firm.
According to an SEC filing submitted by Solazyme, Dillon's departure from the board "was solely for personal reasons and time considerations and did not involve any disagreement with the Company, the Company's management or the Board."
On the way out the door, Dillon is to receive a lump sum payment of $312,000 and COBRA health-care reimbursement for up to two years. His consulting agreement stipulates that he will perform such work for three years, and be paid $48,000 annually in each of those first two years. No compensation will be paid in the third year.
Filling one of the two vacated board seats will be a new independent directior, James Craigie. He is currently the CEO and chairman of consumer products specialist Church & Dwight.
Dillon founded Solazyme with college friend Jonathan Wolfson in 2004. Wolfson remains at the company as CEO, and holds a seat on its board.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool owns shares of Solazyme. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.