ImpediMed Limited announced leadership and Board changes to drive growth and manage costs. When elected, the Board announced a review of ImpediMed's strategy to ensure it was maximising the potential opportunities to transition to a high growth and profitable business. To date, the Board has considered the Company's operational readiness, approach to execution and cost structure.

The review identified a very capable core management team, a distinctive product portfolio and an undeniable opportunity. However, more is needed to deliver robust execution and control costs. Given these challenges and the strong endorsement for change from ImpediMed shareholders at the recent General Meeting, the Board has determined that action now is appropriate.

Rick Valencia will step down from his role as Managing Director and CEO effective immediately. Dr. Parmjot Bains will commence as Managing Director and CEO, in an interim capacity. It is anticipated Dr. Bains will commence in this role on 8 January 2024.

The Directors are delighted to welcome Dr. Parmjot Bains to the company. Dr. Bains will assume CEO and Managing Director responsibilities to develop and drive commercial strategy, initially focusing on sales and marketing. Dr. Bains is a high calibre healthcare executive with diverse experience including strategy, sales & marketing, commercial execution, and change management across the US, Asia, Middle East and Australia.

Dr. Bains joined Pfizer US in 2015 and since then has held a number of roles located in the United States, Asia Pacific and Middle East. Most recently, Dr. Bains was Pfizer's Gulf Cluster Country Manager, responsible for setting commercial strategy, aligning team capabilities, driving private and public reimbursement, accelerating sales & marketing activities and key account management. Dr. Bains managed a large team across six countries and six therapeutic areas (including breast cancer), she successfully delivered significant growth against clear metrics and targets in diverse markets.

Dr. Bains' former roles include: joint CEO and Chief Operating Officer at Neuren Pharmaceuticals; CEO of Perseis Therapeutics; manager at McKinsey and Company and medical doctor. Together, Dr. Bains and Mr. Grant have extensive strategic, sales & marketing, financial and operational experience in high growth MedTech/healthcare businesses and will ensure stability and continuity of the business' operations. The Board recognises the significant talent within the senior management team, and Dr. Bains and Mr. Grant look forward to working closely with them to ensure the entire ImpediMed team remains focused on execution.

Dr. Bains and Mr. Grant will also work closely with the management team to more deeply examine the Company's strategic and operational plans and its cost base to maximise the commercial opportunity and deliver value to its shareholders. Dr. Bains and Mr. Grant have been appointed to their roles in an interim capacity, which is expected to be in place for a period of up to six months while they assess the requirements of the business.