2023-04-13 16:41:01 ET
- Motus GI ( NASDAQ: MOTS ) on Thursday announced a CEO transition and a restructuring to reduce operating costs.
- The company, which provides endoscopy solutions, said its CEO Tim Moran would step down. He will remain on the board and has been appointed chairman.
- Moran would be succeeded by former top boss Mark Pomeranz, who has been appointed as CEO, effective immediately.
- The company also said it was implementing additional cost-cutting measures, with the primary cuts attributable to "reductions in executive management and clinical expenses."
- MOTS expects the measures to reduce quarterly operating costs by about 25% on a go-forward basis.
- Additionally, MOTS expects to incur certain non-recurring charges related to the measures of less than $400K in Q2.
- Motus GI ( MOTS ) stock was slightly higher by 1% to $0.84 after hours.
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Motus GI CEO to step down, co to implement cost-cutting measures