Cyberonics Inc. reported Monday it will pay former CEO Robert P. Cummins $1.7 million in cash within five days of his resignation. He and another top executive quit the medical device maker last week in the wake of a stock options scandal.
Cummins resigned as chief executive, president and chairman after the Houston-based company said an audit found it had used improper accounting on stock options. Federal regulators are investigating the company’s stock option expense practices and the company is moving to restate financial results for the past five years.
