Second Sight Medical Products Inc. on Thursday announced its board of directors has named Scott Dunbar as its new acting chief executive, replacing Matthew Pfeffer.

According to Nasdaq rules, an acting chief executive cannot serve in the role for more than one year, necessitating the switch. Pfeffer will remain on the board as an independent director, the Sylmar visual prosthetics company said.

Dunbar has been with the company for 19 years, most recently as senior patent counsel and compliance officer.

“I want to thank Matt for his leadership during this past year,” Chairman Gregg Williams said in a statement. “Our focus remains on advancing the Orion program toward providing useful vision to the blind, and I look forward to working with Scott as we pursue that goal.”

Shares of Second Sight (EYES) closed down 20 cents, or 2.4 percent, to $8.05 on the Nasdaq Thursday, a day when the Nasdaq was up nearly 2 percent.