Trupanion Announces Executive Leadership Transitions
March 23 2023 - 08:30AM
GlobeNewswire Inc.
Trupanion, Inc. (Nasdaq: TRUP) today announced the following
changes to its executive leadership team:
- Drew Wolff, Chief
Financial Officer, will be stepping down from his position
effective June 1, 2023. Thereafter, Mr. Wolff will serve as a
senior advisor to the Company to support the Interim CFO, and to
assist in the search and training of the incoming CFO. Trupanion
has initiated an executive search for a new full-time CFO.
- Wei Li, Corporate
Controller, will assume the position of Interim Chief Financial
Officer upon Mr. Wolff’s departure. Mr. Li joined Trupanion in
2018.
- Tricia Plouf, EVP
of Pricing, and Gavin Friedman, EVP of Legal & Regulatory, will
be departing the Company, effective immediately.
“Two years ago, we announced our 60-month strategic plan, and in
that time we have made great progress growing revenue from
approximately $500 million in 2020 to over $900 million in 2022,”
said Margi Tooth, President of Trupanion. “Growth at this rate
naturally brings about change, including that of executive
leadership. With our team aligned around our collective vision and
mission, I am confident in our direction and what the future holds
for Trupanion.”
“On behalf of the entire Trupanion team and Board of Directors,
I would like to thank Drew, Tricia and Gavin for their
contributions to the Company,” said Darryl Rawlings, Chairman and
Chief Executive Officer of Trupanion. “We wish each of them success
in their next chapters.”
“Trupanion is making a huge difference in improving health
outcomes for over a million pets. I feel honored and grateful for
my time at Trupanion,” said Drew Wolff, Chief Financial Officer of
Trupanion. “I’m at a point in my life however, where I’d like to
pursue other interests. I remain 100% committed to helping recruit
my successor and facilitate a smooth transition so Trupanion can
continue its incredible mission.”
About Trupanion
Trupanion is a leader in medical insurance for cats and dogs
throughout the United States, Canada, Europe, Puerto Rico and
Australia with over 860,000 pets enrolled. For over two decades,
Trupanion has given pet owners peace of mind so they can focus on
their pet's recovery, not financial stress. Trupanion is committed
to providing pet owners with the highest value in pet medical
insurance with unlimited payouts for the life of their pets. With
its patented process, Trupanion is the only North American provider
with the technology to pay veterinarians directly in seconds at the
time of checkout. Trupanion is listed on NASDAQ under the symbol
"TRUP". The company was founded in 2000 and is headquartered in
Seattle, WA. Trupanion policies are issued, in the United States,
by its wholly-owned insurance entity American Pet Insurance Company
and, in Canada, by Omega General Insurance Company. Trupanion
Australia is a partnership between Trupanion and Hollard Insurance
Company. For more information, please visit trupanion.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 relating to,
among other things, expectations, plans, prospects and financial
results for Trupanion, including, but not limited to, its
expectations regarding its ability to continue to grow its
enrollments and revenue, and otherwise execute its business plan.
These forward-looking statements are based upon the current
expectations and beliefs of Trupanion’s management as of the date
of this press release, and are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. All
forward-looking statements made in this press release are based on
information available to Trupanion as of the date hereof, and
Trupanion has no obligation to update these forward-looking
statements.
In particular, the following factors, among others, could cause
results to differ materially from those expressed or implied by
such forward-looking statements: the ability to achieve or maintain
profitability and/or appropriate levels of cash flow in future
periods; the ability to keep growing our membership base and
revenue; the accuracy of assumptions used in determining
appropriate member acquisition expenditures; the severity and
frequency of claims; the ability to maintain high retention rates;
the accuracy of assumptions used in pricing medical plan
subscriptions and the ability to accurately estimate the impact of
new products or offerings on claims frequency; actual claims
expense exceeding estimates; regulatory and other constraints on
the ability to institute, or the decision to otherwise delay,
pricing modifications in response to changes in actual or estimated
claims expense; the effectiveness and statutory or regulatory
compliance of our Territory Partner model and of our Territory
Partners, veterinarians and other third parties in recommending
medical plan subscriptions to potential members; the ability to
retain existing Territory Partners and increase the number of
Territory Partners and active hospitals; compliance by us and those
referring us members with laws and regulations that apply to our
business, including the sale of a pet medical plan; the ability to
maintain the security of our data; fluctuations in the Canadian
currency exchange rate; the ability to protect our proprietary and
member information; the ability to maintain our culture and team;
the ability to maintain the requisite amount of risk-based capital;
our ability to implement and maintain effective controls, including
over financial reporting; the ability to protect and enforce
Trupanion’s intellectual property rights; the ability to
successfully implement our alliance with Aflac; the ability to
continue key contractual relationships with third parties;
third-party claims including litigation and regulatory actions; the
ability to recognize benefits from investments in new solutions and
enhancements to Trupanion’s technology platform and website; and
our ability to retain key personnel.
For a detailed discussion of these and other cautionary
statements, please refer to the risk factors discussed in filings
with the Securities and Exchange Commission (SEC), including but
not limited to, Trupanion’s Annual Report on Form 10-K for the year
ended December 31, 2022 and any subsequently filed reports on Forms
10-Q, 10-K and 8-K. All documents are available through the SEC’s
Electronic Data Gathering Analysis and Retrieval system at
https://www.sec.gov/ or the Investor Relations section of
Trupanion’s website at https://investors.trupanion.com/.
Investors:Laura Bainbridge, Vice President,
Corporate Communications investor.relations@trupanion.com
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