InMode Announces Departures of President of North America, Chief Medical Officer and VP of Sales USA as Part of a Global Reorganization Strategy

Rhea-AI Summary

InMode (Nasdaq: INMD) announced the departure of three key executives from its North American operations as part of a global reorganization strategy. Shakil Lakhani, President of North America, Dr. Spero Theodorou, Chief Medical Officer, and Dan Wilson, VP of Sales USA, have left the company. InMode has also changed management teams in three European subsidiaries.

This restructuring aligns with InMode's global expansion and penetration into new business verticals, particularly the wellness sector. The role of President of North America will be divided to better manage the company's growth and full pipeline of new platforms. CEO Moshe Mizrahy emphasized that this new structure aims to enhance operational efficiency in North America and build a robust infrastructure for future growth.

Positive

• Global expansion and penetration into new business verticals, particularly the wellness sector
• Full pipeline of new platforms with over a dozen already in the market
• Restructuring aimed at enhancing operational efficiency and supporting future growth

Negative

• Departure of three key executives from North American operations
• Management changes in three European subsidiaries
• Potential short-term disruption due to organizational restructuring

News Market Reaction

-8.55%

1 alert

-8.55% News Effect

On the day this news was published, INMD declined 8.55%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

YOKNEAM, Israel, Oct. 1, 2024 /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD), a leading global provider of innovative medical technologies today announced the departure of Shakil Lakhani, President of North America effective September 30, 2024. His departure follows that of Dr. Spero Theodorou, Chief Medical Officer, and Dan Wilson, VP of Sales USA.

In addition to the departure of the three executives from InMode's North American operations, over the last few months, InMode has changed the management teams in three of its subsidiaries in Europe: InMode UK, InMode Iberia and InMode France.

These changes come as part of InMode's ongoing effort to establish an optimal company structure that aligns with its global expansion and penetration into new business verticals. As the Company continues to expand into the wellness sector, it has become clear that a reorganization is necessary to ensure that InMode has the right structure, and skill sets in place to support future goals.

InMode has a full pipeline of new platforms, with over a dozen already in the market and more on the horizon. To manage this growth effectively, the role of President of North America will be divided into separate roles, each providing the focus needed for the Company's evolving business landscape.

Moshe Mizrahy, InMode's CEO, said, "This new structure is designed to enhance operational efficiency of our North American operations. This reorganization marks an important step in InMode's evolution as a global company and demonstrates our commitment to building a robust infrastructure for future growth. I will be working closely with the executive team in North America to guide this transition.

"We thank Shakil, Dr. Theodorou, and Dan, and wish them the best of luck in their future endeavors. We look forward to the exciting opportunities ahead," concluded Moshe Mizrahy.

About InMode

InMode is a leading global provider of innovative medical technologies. InMode develops, manufactures, and markets devices harnessing novel radiofrequency ("RF") technology. InMode strives to enable new emerging surgical procedures as well as improve existing treatments. InMode has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology, and ophthalmology. For more information about InMode and its wide array of medical technologies, visit www.inmodemd.com.

Investor Relations Contact:

Miri Segal-Scharia
MS-IR LLC
ir@inmodemd.com
917-607-8654 

Logo: https://mma.prnewswire.com/media/1064477/4845303/InMode_Logo.jpg

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SOURCE InMode LTD

FAQ

Why did InMode (INMD) announce the departure of three key executives?

InMode announced the departure of three key executives as part of a global reorganization strategy to align with its expansion into new business verticals and enhance operational efficiency for future growth.

What changes are being made to InMode's (INMD) organizational structure?

InMode is dividing the role of President of North America into separate roles to better manage growth and its pipeline of new platforms. The company has also changed management teams in three European subsidiaries.

How many new platforms does InMode (INMD) have in its pipeline?

InMode has a full pipeline of new platforms, with over a dozen already in the market and more on the horizon.

What is the main reason for InMode's (INMD) global reorganization?

The main reason for InMode's global reorganization is to establish an optimal company structure that aligns with its global expansion, penetration into new business verticals (especially the wellness sector), and to support future growth goals.