NextPlat appoints interim CEO after executive’s passing

NextPlat Corp (NASDAQ:NXPL), a $16.8 million market cap communications company, announced on Monday the appointment of David Phipps as Interim Chief Executive Officer following the passing of Charles M. Fernandez, the company’s previous Executive Chairman and CEO. The announcement was made following a board meeting on May 26, 2025, as disclosed in a recent 8-K filing with the Securities and Exchange Commission. According to InvestingPro data, the company has maintained a strong balance sheet with more cash than debt, despite challenging market conditions.

Phipps, who is currently the President and CEO of Global Operations at NextPlat, will take over the leadership role effective immediately. He brings extensive experience to the position, having previously served as CEO and Chairman of the company from 2015 to 2021. During his initial tenure, Phipps led the company from its early stages to its listing on the Nasdaq in 2021. The company has shown recent positive momentum, with InvestingPro data indicating a 7.6% return over the last week, though revenue growth remains challenging at 19.4% year-over-year.

In addition to his leadership roles within NextPlat, Phipps is the founder of two of the company’s subsidiaries, Global Telesat Communications in the UK and Orbital Satcom Corp in the US. His background includes over 20 years in the communications industry and more than 35 years in investment management, finance, and operational roles across various private and public companies.

The company confirmed that there have been no changes to Phipps’s existing employment agreement in connection with his new appointment as Interim CEO. Furthermore, the company stated that there are no familial relationships between Phipps and any other directors or executive officers, nor does he have any material interest in transactions that would require disclosure under SEC regulations.

NextPlat Corp, formerly known as OrbSat Corp and also known as 06 Technology, specializes in telephone communications and operates out of Coconut Grove, FL. The company’s common stock and warrants are traded on the Nasdaq Stock Market under the symbols NXPL and NXPLW, respectively.

This leadership transition comes at a critical time for NextPlat, as the company continues to navigate the competitive communications sector. The information regarding these corporate changes is based on the latest SEC filing by NextPlat Corp.

In other recent news, NextLabs Corp reported a decline in revenue for the first quarter of 2025, with earnings totaling $14.5 million, down from $17.5 million in the same period last year. The company posted an earnings per share (EPS) of -$0.05, missing market expectations. The healthcare segment faced significant challenges, contributing to the overall revenue decline, while the e-commerce segment showed growth in recurring revenue. NextLabs is currently exploring strategic options, including potential mergers or sales, as part of its response to these challenges. The company’s cash position at the end of the quarter stood at $17.7 million. Analysts have noted that NextLabs’ e-commerce segment experienced a 51% increase in recurring airtime revenue, driven by IoT sales and the Alphyser acquisition. However, ongoing tariff tensions between the US and China could impact future product launches. The company is also addressing NASDAQ compliance issues, which could affect investor confidence.

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