Nuwellis announces retirement of CEO Nestor Jaramillo; John Erb appointed interim CEO as company seeks permanent replacement.
Quiver AI Summary
Nuwellis, Inc. announced the retirement of Nestor Jaramillo, Jr. as President, CEO, and director effective February 18, 2025. John Erb, the current Chairman of the Board, has stepped in as Interim President and CEO while the company seeks a permanent successor. Erb praised Jaramillo's contributions to the company's growth during his nearly six-year tenure. Nuwellis focuses on developing medical technologies, particularly the Aquadex SmartFlow system, which provides ultrafiltration therapy for patients with fluid overload. The company is headquartered in Minneapolis and has a subsidiary in Ireland.
Potential Positives
- John Erb's appointment as Interim President and CEO ensures continuity in leadership, leveraging his extensive experience with the company.
- Nuwellis plans to retain an executive search firm to identify a permanent CEO, indicating a commitment to sound leadership succession.
- The press release highlights the significant contributions of the former CEO, Nestor Jaramillo, Jr., which may enhance company reputation and stakeholder confidence.
Potential Negatives
- Leadership transition may create uncertainty in the company's strategic direction and operational continuity.
- The need to hire an executive search firm for a permanent CEO indicates potential instability and could raise concerns among investors about management's ability to lead effectively in the interim.
- The press release contains forward-looking statements that highlight risks and uncertainties, which could affect investor confidence in the company's future prospects.
FAQ
Who retired from Nuwellis, Inc. on February 18, 2025?
Nestor Jaramillo, Jr. retired as President and Chief Executive Officer of Nuwellis, Inc.
Who is the Interim CEO of Nuwellis?
John Erb, the Chairman of the Board, is serving as Interim President and Chief Executive Officer.
What is the Aquadex SmartFlow® system used for?
The Aquadex SmartFlow system is used for ultrafiltration therapy to treat fluid overload in patients.
What experience does John Erb have with Nuwellis?
John Erb has served as a director since 2012 and was previously CEO from 2015 to 2021.
Where is Nuwellis, Inc. headquartered?
Nuwellis, Inc. is headquartered in Minneapolis, Minnesota, with a subsidiary in Ireland.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
MINNEAPOLIS, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE), a medical technology company focused on transforming the lives of people with fluid overload, announced today that Nestor Jaramillo, Jr. retired as President and Chief Executive Officer and as a director of the company, effective February 18, 2025. John Erb, who currently serves as Chairman of the company's Board of Directors, assumed the role of Interim President and Chief Executive Officer and assumed all of the duties formerly performed by Mr. Jaramillo. Nuwellis intends to retain an executive search firm to assist in identifying a permanent CEO.
Mr. Erb, stated, "Nestor has been with the company for nearly six years and has played a prominent role in our growth. We credit him with many important strategic contributions. We are appreciative to Nestor for his work and commitment to the company, and we wish him the best in his retirement. I am honored to serve as Interim President and Chief Executive Officer of Nuwellis during this time. I look forward to working closely with the management team to work towards and execute on the Company’s near-term priorities.”
Amongst many other accomplishments, Mr. Erb has served as a director of Nuwellis since September 2012 and as chairman of our Board since October 2012. Previously, Mr. Erb served as president and chief executive officer of Nuwellis from November 2015 to January 2021. He was executive chairman of the board (during 2007) and chief executive officer (from 2001 to 2006) of the previous owner of the Aquadex™ system, which was then known as CHF Solutions, Inc., a medical device company involved in the development, manufacturing and distribution of devices to treat congestive heart failure. Mr. Erb received a B.A. in business administration, with a concentration in finance, from California State University, Fullerton.
About Nuwellis
Nuwellis, Inc. (Nasdaq: NUWE) is a commercial-stage medical device company focused on transforming the lives of patients with fluid overload through science, collaboration, and innovation. The company is focused on commercializing the Aquadex SmartFlow
®
system for ultrafiltration therapy. Nuwellis is headquartered in Minneapolis, with a wholly owned subsidiary in Ireland. For more information visit www.nuwellis.com or visit us on LinkedIn or X.
About the Aquadex SmartFlow
®
System
The Aquadex SmartFlow system delivers clinically proven therapy using a simple, flexible and smart method of removing excess fluid from patients suffering from hypervolemia (fluid overload). The Aquadex SmartFlow system is indicated for temporary (up to 8 hours) or extended (longer than 8 hours in patients who require hospitalization) use in adult and pediatric patients weighing 20 kg or more whose fluid overload is unresponsive to medical management, including diuretics. All treatments must be administered by a health care provider, within an outpatient or inpatient clinical setting, under physician prescription, both having received training in extracorporeal therapies.
Forward-Looking Statements
Certain statements in this release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the new market opportunities and anticipated growth in 2025 and beyond. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those risks associated with our ability to execute on our commercialization strategy, the possibility that we may be unable to raise sufficient funds necessary for our anticipated operations, our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and other risks and uncertainties described in our filings with the SEC. Forward-looking statements speak only as of the date when made. Nuwellis does not assume any obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise.
For further information, please contact:
Investor Relations:
Vivian Cervantes
Gilmartin Group
ir@nuwellis.com
Source:
Nuwellis Inc.
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