Venus Concept Inc. announces leadership changes, appointing new executives to enhance management structure for future growth and product innovation.
Quiver AI Summary
Venus Concept Inc. announced significant changes in its senior leadership team, with Dr. Hemanth Varghese resigning as President and COO and Bill McGrail retiring as EVP of Technical Operations & Compliance, both effective in late February and March 2025. The company expressed appreciation for their contributions to its transformation. Kirk Gunhus has been appointed as Chief Revenue Officer, and Ross Portaro will serve as EVP of Commercial Strategy and Head of Venus Hair. Former EVP Melissa Kang returns as Chief Product Officer, focusing on innovation, while Michael Mandarello expands his role to oversee corporate strategy and operations. These leadership changes aim to streamline decision-making and position the company for growth and profitability, as highlighted by CEO Rajiv De Silva. Venus Concept continues to be a leader in medical aesthetic technology, offering a range of minimally invasive products worldwide.
Potential Positives
- Announcement of new leadership appointments, indicating a strategic refresh in senior management aimed at driving future growth and operational excellence.
- Organization of management structure focuses on optimizing decision-making processes, which could enhance efficiency and agility within the company.
- Reinforcement of product innovation with the return of former executive Melissa Kang as Chief Product Officer, emphasizing commitment to future product developments.
- The leadership changes are framed as part of an ongoing transformation, signaling to investors a proactive approach towards achieving profitability and growth.
Potential Negatives
- Departure of key executives, including the President and COO and EVP of Technical Operations & Compliance, may indicate instability or ongoing challenges within the company's leadership and operational strategies.
- The retirement of experienced leadership could disrupt existing projects and strategic initiatives, potentially hindering the company’s ability to execute its transformation efforts effectively.
- The need for significant restructuring and changes in executive roles suggests the company may not have a clearly defined path forward, which could create uncertainty for stakeholders and investors.
FAQ
What leadership changes have taken place at Venus Concept?
Venus Concept announced the departure of Dr. Hemanth Varghese and Bill McGrail's retirement, along with new appointments in senior roles.
Who has been appointed Chief Revenue Officer at Venus Concept?
Kirk Gunhus has been appointed Chief Revenue Officer, overseeing global sales efforts and customer support.
What is the focus of Ross Portaro's new role?
Ross Portaro will focus on commercial strategy and expanding Venus Hair business in all jurisdictions as EVP, Commercial Strategy.
What is Melissa Kang's new position at Venus Concept?
Melissa Kang has returned as Chief Product Officer, guiding product vision and innovation at Venus Concept.
Why is Venus Concept restructuring its senior management team?
The restructuring aims to streamline decision-making and position the company for growth and profitability.
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.
$VERO Insider Trading Activity
$VERO insiders have traded $VERO stock on the open market 16 times in the past 6 months. Of those trades, 0 have been purchases and 16 have been sales.
Here’s a breakdown of recent trading of $VERO stock by insiders over the last 6 months:
- MICHAEL WILLINGHAM MASTERS has made 0 purchases and 15 sales selling 306,135 shares for an estimated $179,640.
- ANTHONY NATALE sold 42,768 shares for an estimated $13,193
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$VERO Hedge Fund Activity
We have seen 7 institutional investors add shares of $VERO stock to their portfolio, and 8 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MASTERS CAPITAL MANAGEMENT LLC removed 621,740 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $234,085
- UBS GROUP AG added 53,134 shares (+1416.2%) to their portfolio in Q4 2024, for an estimated $20,004
- XTX TOPCO LTD added 27,662 shares (+inf%) to their portfolio in Q4 2024, for an estimated $10,414
- CITADEL ADVISORS LLC removed 14,195 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $8,664
- RENAISSANCE TECHNOLOGIES LLC removed 13,488 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $8,233
- TWO SIGMA INVESTMENTS, LP added 11,777 shares (+inf%) to their portfolio in Q4 2024, for an estimated $4,434
- VIRTU FINANCIAL LLC added 10,862 shares (+inf%) to their portfolio in Q4 2024, for an estimated $4,089
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global medical aesthetic technology leader, today announced several changes to its senior leadership team.
Dr. Hemanth Varghese, President and COO will depart the company to pursue other opportunities, effective March 28, 2025, and Bill McGrail, EVP, Technical Operations & Compliance, will retire, effective February 28, 2025. The Company expresses their gratitude for their contribution to Venus’ turnaround and drive for operational excellence globally.
With the departures, Kirk Gunhus has been appointed Chief Revenue Officer, with global responsibility for Venus’ sales efforts. This includes oversight of the direct field force, distributor relationships and technical support for all customers. Ross Portaro has been appointed as EVP, Commercial Strategy and Head of Venus Hair, with a focus on providing commercial guidance and expanding our Venus Hair business in all jurisdictions.
Venus Concept also welcomes back Melissa Kang, the Company’s former EVP, Global Marketing & Product Management, as Chief Product Officer. She will work on continuing the history of innovation at the Company, by guiding future product vision and roadmap. Michael Mandarello, the Company’s Chief Legal Officer, will take on an expanded role as Head of Strategy & Operations, to include oversight of Venus’ corporate strategy and operational execution.
These changes are part of Venus Concept’s ongoing transformation efforts and are focused on establishing the optimal senior management structure for the next phase of its evolution.
"This new management structure is designed to streamline decision making and best position the Company for its return to growth and its journey towards profitability. This reorganization demonstrates our commitment to building the right team to enable future growth and maximize upcoming new product launches. I look forward to working with Kirk, Ross, Melissa and Michael in their new roles,” said Rajiv De Silva, Chief Executive Officer of Venus Concept.
Mr. De Silva went on to say, "We are grateful for the pivotal role Hemanth has played in executing the Company’s transformation efforts over the last two years and we wish him well in his future endeavors. We also congratulate Bill on his well-deserved retirement."
About Venus Concept
Venus Concept is an innovative global medical aesthetic technology leader with a broad product portfolio of minimally invasive and non-invasive medical aesthetic and hair restoration technologies and reaches over 60 countries and 12 direct markets. Venus Concept's product portfolio consists of aesthetic device platforms, including Venus Versa, Venus Versa PRO, Venus Legacy, Venus Velocity, Venus Viva, Venus Glow, Venus Bliss, Venus Bliss MAX, Venus Epileve, Venus Viva MD and AI.ME. Venus Concept's hair restoration systems include NeoGraft® and the ARTAS iX® Robotic Hair Restoration system. Venus Concept has been backed by leading healthcare industry growth equity investors including EW Healthcare Partners (formerly Essex Woodlands), HealthQuest Capital, Longitude Capital Management, Aperture Venture Partners, and Masters Special Situations.
