Asked to resign
It's interesting that my initial reaction to the news was that it was my
fault and that I had failed my colleagues. It didn't occur to me initially
that I might personally be in trouble. Of course, this was the "patho-
logical people-pleaser" in me in full operational mode. I think I was in
denial, though. At that point, plans were being made for me to move
back into my position as general manager of the ENT division. I recall
asking a key board member at that off-site meeting if everything was
still on track for me. His equivocating response gave me pause and for
good reason.
Although I didn't know it at the time, my ArthroCare career was on
hold pending the ongoing investigation. By Thanksgiving, I had a feel-
ing that I wasn't going to be part of ArthroCare going forward. But I
was paralyzed. I just waited for the inevitable. And on Dec. 18, 2008, it
occurred. I was summoned to the CEO's office and asked to resign —
although if I hadn't resigned, I would have been terminated. The same
thing happened to my direct supervisor.
The following day ArthroCare issued a press release stating that the
company no longer had confidence in its financial results gong back
to 2001. They also essentially said that my direct supervisor and I per-
petrated all of the financial irregularities during the restatement peri-
od. So while I knew my role in what happened, I felt like I had been
thrown under the bus. The press release wasn't accurate — as others
played much larger roles — but it was immediately clear to me that
getting employment at that point would be next to impossible.
I tried to find work in Austin — or anywhere — without success.
Ken and I didn't have much cash on hand. Unlike many others, other
than a small automatic exercise back in early 2006, I hadn't exercised
any stock options during the period that the government was to inves-
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