PolyNovo announced on Monday the immediate retirement of its chairman, David Williams. Non-executive director Leon Hoare has been appointed as his replacement. PolyNovo is a global medical technology company that develops, manufactures, and sells innovative medical devices. Its NovoSorb biodegradable polymer technology is used in a range of surgical and wound care products.
Hoare acknowledged Williams’ contribution to the company. “Under David’s leadership, PolyNovo evolved from an early-stage medical device venture to a global medical technology company,” said Hoare in the public statement. The change in leadership comes as PolyNovo faces challenges in the market.
PolyNovo shares closed at $1.30 on Friday. The company’s stock has experienced a significant downturn this year. Shares have fallen nearly 37 per cent since the beginning of the financial year.
The company has not yet released an official statement addressing the share price decline or outlining strategies for future growth under the new leadership. Investors will be watching closely to see how the company navigates these challenges in the coming months.
