Envoy Medical appoints Robert Potashnick as interim chief financial officer

Envoy Medical (TASE:BLWV), Inc. (NASDAQ:COCH) announced the appointment of Robert Potashnick as interim chief financial officer, effective Monday. Potashnick will also serve as the company’s principal financial officer and principal accounting officer. The appointment was made by the company’s board of directors.

According to a press release statement, Potashnick will serve in the interim CFO role on a fractional consultant basis through a consulting agreement between Envoy Medical and Oasis Business Consulting LLC, effective June 23, 2025. The appointment comes at a crucial time as the company grapples with weak gross profit margins and rapid cash burn, based on InvestingPro analysis, which offers 7 additional key insights about the company’s financial health.

Potashnick, 45, has provided consulting services through Oasis Business Consulting since October 2024. His previous roles include chief financial officer of Flutterbee Education Group from January 2024 to October 2024 and CFO of FOXO Technologies Inc. (NYSE American:FOXO) from January 2021 to September 2023. Earlier in his career, Potashnick held finance and capital planning roles at UnitedHealth Group (NYSE:UNH) between 2017 and 2020, and served as a certified public accountant at PricewaterhouseCoopers LLP from 2010 to 2017.

Potashnick holds a Bachelor of Arts in Economics from Northwestern (NASDAQ:NWE) University, a Master’s Degree in Accountancy from the University of Illinois, and an MBA in Finance and Strategy from DePaul University.

Envoy Medical stated that Potashnick is not party to any arrangement with other persons regarding his selection and has no family relationships with members of the board or executive officers. The company also reported that Potashnick has not been involved in any transactions with Envoy Medical or related persons that require disclosure under SEC regulations. Investors should note that the company’s next earnings report is scheduled for July 31, 2025, which will be a critical test for the new CFO as analysts currently don’t expect profitability this year.

Envoy Medical’s Class A common stock and redeemable warrants are listed on the Nasdaq Stock Market under the symbols COCH and COCHW, respectively. The information is based on a press release statement included in a recent SEC filing.

In other recent news, Envoy Medical has reported significant advancements in its clinical trial for the Acclaim® cochlear implant, achieving successful activation in all 10 participants in the initial phase. This progress marks a key milestone for the company, with plans to enter the final stage of the trial by the fourth quarter of this year. Meanwhile, the company announced the departure of its Chief Financial Officer, David R. Wells, effective May 16, 2025, with CEO Brent T. Lucas assuming interim CFO responsibilities. This executive change was detailed in a recent SEC filing, and a permanent replacement has yet to be named.

Envoy Medical has also scheduled its Annual Meeting of Stockholders for May 28, 2025, with shareholders of record as of April 8 eligible to vote. The company has set a deadline of April 20, 2025, for submitting shareholder proposals or director nominations. Furthermore, Envoy Medical continues to emphasize the investigational status of the Acclaim Cochlear Implant, which is limited to investigational use under federal law. The company remains cautious about the forward-looking statements regarding its business outlook and clinical trial process. These developments highlight Envoy Medical’s ongoing efforts in the medical device industry and its commitment to regulatory compliance.

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