Business
Nephros Announces CEO Retirement and Succession Plan
Robert Banks to Be Named President and Chief Executive Officer;Andy Astor to Remain as Advisor and Interim Chief Financial Officer SOUTH ORANGE, NJ, May 08,
About this update from Nephros, Inc.
[{"type":"text","content":"Robert Banks to Be Named President and Chief Executive Officer;Andy Astor to Remain as Advisor and Interim Chief Financial Officer SOUTH ORANGE, NJ, May 08, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Nephros, Inc. (Nasdaq: NEPH), a leading water technology company providing filtration solutions to the medical and commercial markets, today announced that Andy Astor, President and Chief Executive Officer, will retire in the coming months, and that Robert Banks will be named President and Chief Executive Officer effective on the first business day after the filing of Nephros’ Form 10-Q for the quarter ended March 31, 2023. Mr. Banks is also expected to be appointed to the Nephros Board of Directors. Andy Astor will remain with Nephros as an advisor to Mr. Banks and as interim Chief Financial Officer (CFO), while a search is conducted for a permanent CFO. As part of the transition, Mr. Astor will step down from the board of directors. “I am very pleased to welcome Robert to Nephros,” said Andy Astor. “He brings more than two decades of experience in the water industry, along with a powerful record of growing sales across multiple businesses. I am also very pleased to transition into retirement with Nephros in its strongest position ever, having achieved cash-flow breakeven earlier than expected, and with 40% in year-over-year base revenue growth thus far in 2023. It has been my honor to serve this company, its people, and our customers and partners over the past six years.” “The board of directors is excited to welcome Robert to lead the Nephros organization,” said Arthur Amron, a Nephros Director and partner of Wexford Capital LP, the Company’s largest shareholder. “His record of success as a commercial leader gives us the confidence that he is the right executive to lead Nephros as we seek to accelerate revenue growth and maintain cash-flow breakeven in 2023. We also wish Andy all the best in his retirement and thank him for his leadership in bringing Nephros to this exciting juncture.” “I am thrilled to join the Nephros team,” said Robert Banks. “The company has a reputation for best-in-class technologies and extraordinary relationships with its partners and customers. With the recent preliminary announcement of strong revenue growth and improved cash flow, I am excited to have the opportunity to build the company from this poi...