Polynovo just appointed its new CEO…
The post ‘Transformation growth’: Polynovo share price jumps 7% on new leadership appeared first on The Motley Fool Australia. –
TheÂ Polynovo LtdÂ (ASX: PNV) share price is surging on Friday afternoon.
This comes after the medical device companyâs shares tumbled almost 20% this week before staging a mini-comeback yesterday.
At the time of writing, the medical device companyâs shares are swapping hands at $1.62, up 7.29% â slightly under last Fridayâs close of $1.725.
Letâs look at what the company announced to the market today.
Polynovo bolsters leadership team
Investors are snapping up Polynovo shares after the company revealed it had secured the services of an experienced pharmaceutical leader.
In today’sÂ release, Polynovo advised Swami Raote has been appointed as company CEO with immediate effect.
This sees acting CEO Max Johnston exit the role after serving since November 2021.
Polynovo noted Raoteâs achievements, particularly his 30-year career at global pharmaceutical giant Johnson & Johnson.
During his time there, Raote earned a reputation as a transformation growth leader across fast-moving consumer goods, over-the-counter products, pharmaceuticals, and medical devices.
He also held senior leadership positions at Johnson & Johnson across various geographies of interest to Polynovo. This includes Indonesia, the Association of Southeast Asian Nations (ASEAN), India, China, South Korea, and the United States.
Raote is currently “an advisor to the prime minister of a major Asian country that is building a digital health platform”, according to his biography.
Furthermore, heâs in several other advisory roles, which Polynovo will review to consider potential market opportunities.
Polynovo chair David Williams welcomed the news, saying:
Swami has successfully run fully integrated businesses including research and development, regulatory, manufacturing, and sales and marketing. That experience along with hands on experience in many geographies and markets will position Polynovo for an exciting new era of growth, innovation, and operational excellence.
On a lighter note, Williams added:
Swami is 58 years old and given he is significantly younger than me, I judge he has more than enough energy for the challenge.
Polynovo share price snapshot
Despite its recent gains, the Polynovo share price has plummeted 30% over the last 12 months.
The companyâs shares hit a 52-week low of 83.5 cents on 5 May and have been treading upwards since.
Based on todayâs price, Polynovo commands aÂ market capitalisationÂ of more than $1 billion.
The post ‘Transformation growth’: Polynovo share price jumps 7% on new leadership appeared first on The Motley Fool Australia.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.