Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an
industry leader in exoskeleton technology for medical and
industrial use, today announced that Jack Peurach, who has served
as the Company’s Chief Executive Officer since 2018, has informed
the Company’s Board of Directors (the “Board”) of his decision to
leave the Company effective January 21, 2022 to pursue other
endeavors. He has also stepped down from the Company’s Board
effective January 21, 2022.
Effective January 22, 2022, the Board has
appointed Steven Sherman, who has served as Ekso Bionics’ Chairman
of the Board since 2014, to become Chief Executive Officer, and has
promoted Scott Davis, the Company’s Executive Vice President of
Strategy and Corporate Development, to President and Chief
Operating Officer. In addition, the Board has designated current
Board member Stanley Stern to serve as the Board’s Lead Independent
Director effective upon Mr. Sherman’s commencement as Chief
Executive Officer.
“Ekso Bionics posted record revenue for the
fourth quarter, which we believe reflects continued momentum and
progress with leading inpatient rehabilitation providers across all
regions, as well as greater sales in our industrial segment,” Mr.
Stern said. “This performance and the opportunities we see ahead
give us confidence in our future.”
Mr. Stern continued, “Jack has led the Company
through several difficult years, guiding the Company to growth and
through a very successful financing last year, despite the impact
of COVID. On behalf of the entire Board, we thank him for his
service to Ekso Bionics. We are delighted that Steven has agreed to
take on the CEO role in addition to his service as Chairman. Steven
has demonstrated deep commitment to the Company, having invested
significant amounts of his personal capital since 2013, when he
began working with Ekso Bionics. We originally appointed Steven as
Chairman because of his extensive track record of success and
growth as an executive, chairman or board member of several
technology-based, publicly traded companies. He has been highly
engaged, and during his time as CEO, we expect the Company and our
shareholders will benefit as he leads the evolution of our strategy
to drive enhanced value for all stakeholders.”
Mr. Peurach said, “After four challenging yet
rewarding years as CEO, I have accomplished the goals of putting
the Company on stronger financial footing and building good
business momentum. It’s now time for the Company to have new
leadership to guide it to its next phase.”
Mr. Sherman commented, “I am proud to lead Ekso
Bionics as CEO and embrace this role with a sense of urgency and
optimism. I look forward to working more directly with the Ekso
Bionics management team to evolve our strategy, expand our
portfolio of products and leverage our well established sales
channel. We see many options for growth, and our Board and industry
networks will be fully engaged to support us as we enter our next
phase. We’ve spent the last several months building a
well-credentialed Board to expand our access to customers,
technology and business channels, and their experience gives us
further confidence in our future. I firmly believe in the Company
and its prospects, and to demonstrate that belief and further align
my performance with our shareholders, I have requested and the
Board has agreed that I will forego cash salary as CEO in favor of
compensation in shares of Ekso Bionics.”
Mr. Sherman continued, “I am also proud to have
Scott’s support as an executive and key part of the Company’s
leadership team. Scott is a proven leader, recruited for his
managerial experience and track record in building revenues and
partnerships in growth companies, and will help lead the day to day
oversight of the Company’s staff and operations.”
Mr. Sherman is a seasoned entrepreneur, investor
and executive, and has served as Chairman of the Board of Directors
since January 2014, including service as Executive Chairman from
October 2018 through December 2020. Mr. Sherman is the Chairman of
Imetric, an IOT platform for consumer and enterprise. Since 1988,
Mr. Sherman has been a member of Sherman Capital Group, a merchant
banking organization with a portfolio of private and public
investments. He is the former Chairman of Purple Wave Inc., an
online auction platform. Mr. Sherman is a founder of Novatel
Wireless, Inc., Vodavi Communications Systems Inc. and Main Street
and Main Inc. Previously, Mr. Sherman served as a director of
Telit; Chairman of Airlink Communications, Inc. until its sale to
Sierra Wireless, Inc.; Chairman of Executone Information Systems;
and as a director of Inter-Tel (Delaware) Incorporated.
Mr. Davis has served as Executive Vice President
of Strategy and Corporate Development since April 2021. Mr. Davis
has more than two decades of worldwide leadership success in fast
growing high-tech companies, and has proven success in helping
organizations manage change, scale, and implement transformative
strategies that lead to consistent growth and positive financial
performance. Prior to joining the Company, from December 2018
through March 2021, Mr. Davis served as Chief Executive Officer of
Globalmatix, Inc., a disruptive IoT connected telematics solution
provider, and from January 2017 through December 2018, he served as
SVP Strategy for GetWireless, LLC, a telecommunications equipment
provider. From 2015 through 2020, he provided C-level consulting
services assisting on scalability, process improvement, business
development, M&A support and go-to-market strategy as President
of SGD Executive Services LLC. From 2007 through 2015 Mr. Davis
served as Vice President of Global Sales Enterprise Solutions for
Sierra Wireless, Inc. Mr. Davis has a B.S. in Business
Administration from Bloomsburg University.
About Ekso
Bionics®
Ekso Bionics® is a leading developer of
exoskeleton solutions that amplify human potential by supporting or
enhancing strength, endurance, and mobility across medical and
industrial applications. Founded in 2005, the Company continues to
build upon its industry-leading expertise to design some of the
most cutting-edge, innovative wearable robots available on the
market. Ekso Bionics is the only exoskeleton company to offer
technologies that range from helping those with paralysis to stand
up and walk, to enhancing human capabilities on job sites across
the globe. Ekso Bionics is headquartered in the San Francisco Bay
Area and is listed on the Nasdaq Capital Market under the symbol
“EKSO.” For more information, visit: www.eksobionics.com or follow
@EksoBionics on Twitter.
Forward-Looking Statements
Any statements contained in this press release
that do not describe historical facts may constitute
forward-looking statements. Forward-looking statements may include,
without limitation, statements regarding the transition of the
Company’s CEO, including Mr. Sherman’s service as CEO and Mr.
Davis’ service as President and COO, the development of the
Company’s strategies and the assumptions underlying or relating to
the foregoing. Such forward-looking statements are not meant to
predict or guarantee actual results, performance, events or
circumstances and may not be realized because they are based upon
the Company's current projections, plans, objectives, beliefs,
expectations, estimates and assumptions and are subject to a number
of risks and uncertainties and other influences, many of which the
Company has no control over. Actual results and the timing of
certain events and circumstances may differ materially from those
described by the forward-looking statements as a result of these
risks and uncertainties. Factors that may influence or contribute
to the inaccuracy of the forward-looking statements or cause actual
results to differ materially from expected or desired results may
include, without limitation, the significant length of time and
resources associated with the development of the Company's
products, the Company's failure to achieve broad market acceptance
of the Company's products, the failure of the Company’s sales and
marketing efforts or of partners to market the Company’s products
effectively, adverse results in future clinical studies of the
Company's medical device products, the failure of the Company to
obtain or maintain patent protection for the Company's technology,
the failure of the Company to obtain or maintain regulatory
approval to market the Company's medical devices, lack of product
diversification, existing or increased competition, disruptions in
the Company’s supply chain due to the ongoing COVID-19 pandemic,
and the Company's failure to implement the Company's business plans
or strategies. These and other factors are identified and described
in more detail in the Company's filings with the SEC. To learn more
about Ekso Bionics please visit the Company’s website at
www.eksobionics.com or refer to the Company’s Twitter page at
@EksoBionics. The Company does not undertake to update these
forward-looking statements.
Contact: David
Carey212-867-1768investors@eksobionics.com
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