Two Microvision executives leave

Two top Microvision executives left the company abruptly Friday in a management shake-up at the Bothell maker of light-scanning technologies.

Chief Executive Richard Rutkowski left the company and Chief Financial Officer Richard Raisig resigned, Microvision said in a statement Friday.

Microvision's board cited "challenges in executing our business plan" as a reason for seeking new leadership.

"The board believes that new leadership is an important first step in an overall plan to strengthen this company and achieve growth and profitability," Microvision Chairman Walter Lack said in the statement.

Alexander Tokman, president and chief operating officer, was named to replace Rutkowski as chief executive. The company said it would conduct a search for a new chief financial officer.

Rutkowski, reached at home Friday, said he was ousted by the board over "ongoing disagreements" he's had with certain board members that came to a head during the company's recent $10 million private fundraising.

Raisig, who had been chief financial officer since 1996, could not be reached for comment.

Microvision makes high-tech imaging products such as helmet-mounted displays that superimpose electronic maps onto a soldier's line of sight.

The company has struggled to commercialize its technology and expand its market beyond government and military use.

Last October, it disclosed that it had been warned by Nasdaq that it was not in compliance with Nasdaq marketplace rules. In November, the company fell short of its sales targets for the third quarter. It reported a loss of $18.3 million for the first nine months of 2005.

Rutkowski, who had worked as an executive at Microvision since 1994, said he was given three hours to resign or be terminated Thursday. He said he refused to resign and is still working out the arrangements of his separation agreement with the company.

His called his departure "something that is not popular with people inside the company at all."

He hired Tokman in July, he said. "He and I get along famously and were looking forward to working together," Rutkowski said.

Microvision spokesman Matt Nichols said the company would not respond beyond its written statement.

Microvision expects to hold a conference call within the quarter to report on its strategic and operating plans for the future.

Tokman came to Microvision from GE Healthcare, a subsidiary of General Electric, where he was general manager of its Global Molecular Imaging & Radiopharmacy unit.

Microvision shares fell 32 cents Friday, closing at $3.85.

Kristi Heim: 206-464-2718 or kheim@seattletimes.com