Meade Instruments Corp. said on Friday Chief Executive Steven Murdock is stepping down once a successor is found to run the Irvine maker of telescopes.
The move comes a day after a key shareholder said Murdock’s salary should be cut amid poor results at the company.
The company said it expects to finish a search for Murdock’s spot in the next several months.
Murdock plans to stay on Meade’s board.
Hummingbird Management LLC, a major Meade shareholder, sent a letter to the company Thursday expressing concerns about “disappointing” financial performance.
The investor proposed cutting Murdock’s base salary to $300,000 from $450,000. Hummingbird, which owns 14% of Meade, suggested pay changes for other managers.
Hummingbird also said Meade could be vulnerable to private equity firms or strategic buyers.
In December, Meade said third-quarter sales rose 7% from a year earlier to $53.1 million. Net income was $1.5 million, or nearly half of what it was a year earlier.
