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.

Tim Cruickshank has stepped down as CFO and the Board is discussing transition arrangements with him. Chair McGregor Grant assumes the responsibilities of CFO effective immediately, in an interim capacity and will be an Executive Chairman. The Chair, McGregor Grant will work closely with Dr. Bains as CFO, with a clear focus on managing costs.

managing costs. For the last 12 years Mr. Grant was CFO and company Secretary of Nanosonics Limited. As well as leading financial strategy, Mr. Grant played a key role in developing and implementing corporate strategy.

He was also responsible for operational functions including IT, legal and facilities management. During Mr. Grant's tenure at Nanosonics revenue grew from $2 million to $166 million. 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.