Nephros announces CEO retirement and succession plan

Retirement







Robert Banks is appointed President and Chief Executive Officer.
Andy Astor Remains Advisor and Interim Chief Financial Officer

SOUTH ORANGE, N.J., May 8, 2023 (GLOBE NEWSWIRE) — Via NewMediaWire — Nephros, Inc. (Nasdaq: NEPH), a leading water technology company providing filtration solutions to the medical and commercial markets, today announced Andy Astor announced that Mr. The President and Chief Executive Officer will retire in the coming months, with Robert Banks as President and Chief Executive Officer beginning the first business day following his filing of Nephros’ Form 10-Q for the quarter ending March 31, 2023. nominated by the person. Mr. Banks will also be appointed to Nephros’ board of directors.

Andy Astor remains with Nephros as an advisor to Mr. Banks and as interim Chief Financial Officer (CFO), seeking a permanent CFO. As part of the transition, Mr. Astor will step down from the board.

“We are very pleased to welcome Robert to Nephros,” said Andy Astor. Also, Nephros achieved cash flow break-even earlier than expected, delivering 40% year-over-year base revenue growth so far in 2023, its strongest to date. I am very pleased to be moving into retirement with Nephros in a position that has served the company, its employees, customers and partners for the past six years.”

“The Board welcomes Robert to lead the Nephros organization. His ambition gives me confidence that he is the right executive to lead Nephros, and I thank him for his leadership in leading Nephros to this exciting crossroads.”

Robert Banks says: “We have a reputation for best-in-class technology and exceptional relationships with our partners and customers. Recent preliminary announcements of strong revenue growth and improved cash flow have given us the opportunity to build the company from this point on. I am excited about.”

Mr. Banks has a proven track record of delivering value through innovation and aligning an organization’s strengths with customer needs to drive profitable growth. He spent his nearly 20 years at GE, holding various sales and engineering roles in small and medium-sized business units. After GE, he served as Executive Director of Product Management at his ITT Corporation, where he was responsible for sales and marketing of the major commercial pumps portfolio. Most recently, Mr. Banks was Vice President of Global Strategic Accounts for Danfoss Power Solutions.

About Nephros

Nephros is committed to improving the relationship between humans and water through cutting-edge, accessible technology. We offer innovative water filtration products and services, along with water quality education, as part of our integrated approach to water safety. Nephros’ products meet the needs of customers in the healthcare and commercial markets, providing preventive and emergency solutions for water management.

For more information on Nephros, please visit nephros.com.

Forward-Looking Statements

This release contains forward-looking statements that involve various risks and uncertainties. Such statements include Nephros’ projected earnings and cash flows for the quarter ended March 31, 2023, projected future earnings growth and the timing of such growth, the timing of achieving positive cash flows; and other statements that are not historical facts, including statements. “intend”, “could”, “will”, “plan”, “expect”, “expect”, “plan”, “predict”, “estimate”, “intend” , “believe,” “hope”, “possibility” or similar words. Actual results may vary due to certain factors, including business changes, Nephros’ ability to further develop its sales organization, Nephros’ reliance on third-party suppliers and distributors, inflationary factors and other economic factors. They may differ materially from those set forth in the forward-looking statements. Competitive conditions, availability of capital when needed, and regulatory reform. These and other risks and uncertainties are detailed in his Nephros report filed with the U.S. Securities and Exchange Commission. Nephros undertakes no obligation to update any forward-looking statements regarding this release.

Investor Contact:
Representative Director and President Kirin Smith
PCG Advisory Co., Ltd.
(646) 823-8656
ksmith@pcgaadvisory.com

Andy Astor, CEO
Nephros Co., Ltd.
(201) 343-5202×120
andy.astor@nephros.com



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *