- ImpediMed makes leadership and board changes to enhance growth and manage costs effectively
- Rick Valencia will step down from his role as Managing Director and CEO effective immediately
- Dr. Parmjot Bains takes on the role of Interim CEO and Managing Director, succeeding Rick Valencia
- Tim Cruickshank has stepped down as CFO and the Board is discussing transition arrangements with him
- IPD has been trading at 12.5 cents
ImpediMed (IPD) has undergone significant leadership and board changes in a bid to maximize growth potential and streamline operations.
The move follows a thorough review by the board to ensure the company is well-positioned for robust execution and most importantly – cost control.
Effective immediately, Rick Valencia will step down from his role as Managing Director and CEO, with Dr. Parmjot Bains set to assume the position on an interim basis, starting January 8, 2024.
Additionally, Tim Cruickshank has stepped down as CFO, and Chair McGregor Grant will take on the role in an interim capacity, combining the responsibilities of the chairman and CFO.
Both these decisions have come after a recent General Meeting where ImpediMed shareholders expressed a strong endorsement for change.
The board acknowledges the contributions of Rick Valencia and Tim Cruickshank, recognising their roles in navigating the company through challenging times and significant transitions.
The newly appointed Interim CEO, Dr. Parmjot Bains, brings a wealth of experience in healthcare, having held key roles at Pfizer and other healthcare entities.
Her initial focus will be on developing and driving the commercial strategy, with a strong emphasis on sales and marketing.
Nanosonics expertise
McGregor Grant, the Interim CFO and Executive Chairman, brings a decade of financial leadership experience from Nanosonics.
His track record includes playing a pivotal role in the growth of Nanosonics, guiding the company from $2 million to $166 million in revenue during his tenure.
Together, Dr. Bains and Mr. Grant aim to leverage their extensive experience in strategic, sales and marketing, financial, and operational aspects to ensure stability and continuity in ImpediMed’s operations.
The Company’s annual general meeting of shareholders, scheduled for November 30 – will provide an opportunity for questions and answers regarding these strategic changes.
IPD has been trading at 12.5 cents.