Vicarious Surgical (NYSE:RBOT) recently disclosed that William Kelly, their Chief Financial Officer, has decided to leave the organization in pursuit of other career paths. Kelly began his tenure at the Waltham, Massachusetts-based firm in January 2021, and is slated to exit by January 2, 2025. To ensure a seamless transition, Kelly intends to aid the company before his departure.
Reflecting on his time, Kelly remarked, “My period with Vicarious Surgical has been marked by substantial progress both professionally and personally. I’m extremely thankful for the learning experience and the teamwork I’ve been part of.” He further added, “I leave feeling proud of our shared milestones and with full confidence in the organization’s future success under its enduring leadership.”
Vicarious has already set the wheels in motion for a succession plan to fill the CFO position.
“On behalf of both the company and the board, I extend my heartfelt thanks to Bill for his invaluable contributions over recent years,” expressed Adam Sachs, co-founder and CEO. “Bill has been an exceptional asset, and we wish him great success in whatever he does next.”
Analysts Ryan Zimmerman and Iseult McMahon from BTIG voiced their curiosity over the timing of Kelly’s exit, pondering why he would choose this point in time to leave. The company, which is working on its Version 1.0 (V1.0) surgical robot designed to enhance surgical procedure efficiency, has faced some hurdles recently.
While initial plans for first-in-human trials were anticipated for mid-2023, the timeline for V1.0 was shifted in November 2023. In March, the schedule to submit V1.0 for FDA approval was reaffirmed for early to mid-2026, and this timeline remains firm despite the executive changes.
The analysts also highlighted the challenges of navigating approval for the robotic system, indicating that the company may need additional funding to introduce the robot to the market. Maintaining a “Neutral” rating, they commented, “Our interpretation is that the CFO’s exit may not suggest issues with the Vicarious system. More than likely, the CFO encountered better short-term opportunities. Regardless, it’s another hurdle for Vicarious to overcome in the clearance journey.”