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PITTSBURGH – Carmell Corporation (NASDAQ:CTCX), a micro-cap medical device company with a market capitalization of $9.2 million, disclosed a significant change in its executive leadership this week. The announcement comes as the company's stock has declined over 16% in the past week, according to InvestingPro data. The company has confirmed the departure of Kendra Bracken-Ferguson as Chief Executive Officer, effective January 20, 2025.
Following a mutual agreement, Bracken-Ferguson will step down from her role, which she has held since July 2024. As part of her separation from the company, she will receive a total of $150,000, to be paid in equal installments over a six-month period. This arrangement is detailed in a separation and release of claims agreement dated January 24, 2025.
In her stead, Carmell's Board of Directors has appointed Rajiv Shukla as the new CEO, effective immediately. Shukla, who is currently serving as the Executive Chairman, is no stranger to the role, having held the position of CEO prior to Bracken-Ferguson's tenure. His extensive experience with the company since its inception positions him to seamlessly transition into the CEO role while continuing his duties as Executive Chairman.
The company has not disclosed any specific reasons for the change in leadership, nor has it detailed any new strategic directions or initiatives that might accompany Shukla's appointment. Furthermore, there are no reported familial relationships or relevant transactions involving Shukla that would necessitate disclosure under SEC regulations.
As Carmell Corp navigates this leadership transition, stakeholders will be watching closely to see how Shukla's reappointment as CEO will influence the company's direction and performance in the competitive medical devices market. InvestingPro analysis indicates the company faces financial challenges with a current ratio of 0.31, suggesting potential liquidity concerns. InvestingPro subscribers have access to 13 additional key insights about Carmell's financial health and market position.
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