NextPlat Appoints Rodney Barreto as Chairman of the Board and David Phipps as Chief Executive Officer to Lead Ongoing Business Refocusing Efforts
NextPlat (NASDAQ: NXPL) has appointed Rodney Barreto as permanent Chairman of the Board and David Phipps as permanent CEO, following their interim roles after the previous Chairman and CEO's passing in May 2025. The appointments are part of the company's business refocusing initiatives.
The company has made significant progress in its restructuring efforts, including: expanding its healthcare segment with new clinic contracts and a government subcontract for prescription management services, implementing cost-cutting measures including headquarters consolidation expected to save $240,000 annually starting 2026, initiating a share repurchase program, and restructuring leadership with veteran healthcare additions to drive business improvement.
NextPlat (NASDAQ: NXPL) ha nominato Rodney Barreto come Presidente del Consiglio in via permanente e David Phipps come Amministratore Delegato permanente, a seguito dei loro ruoli ad interim dopo la scomparsa del precedente Presidente e CEO nel maggio 2025. Le nomine fanno parte delle iniziative dell’azienda per rifocalizzare il proprio business.
L’azienda ha registrato progressi significativi nella ristrutturazione, tra cui: l’espansione del segmento sanitario con nuovi contratti per cliniche e un subappalto governativo per servizi di gestione delle prescrizioni, l’adozione di misure di riduzione dei costi compresa la concentrazione della sede centrale che dovrebbe garantire un risparmio di $240.000 annui a partire dal 2026, l’avvio di un programma di riacquisto azionario e la riorganizzazione della leadership con l’ingresso di dirigenti esperti nel settore sanitario per guidare il miglioramento aziendale.
NextPlat (NASDAQ: NXPL) ha designado a Rodney Barreto como Presidente de la Junta y a David Phipps como Director Ejecutivo permanentes, tras desempeñar ambos cargos de forma interina después del fallecimiento del anterior Presidente y CEO en mayo de 2025. Los nombramientos forman parte de las iniciativas de la compañía para reenfocar su negocio.
La empresa ha avanzado significativamente en su reestructuración, incluyendo: la expansión del segmento sanitario con nuevos contratos de clínicas y un subcontrato gubernamental para servicios de gestión de recetas, la implementación de medidas de reducción de costes, incluida la consolidación de la sede que se espera ahorre $240.000 anuales a partir de 2026, el inicio de un programa de recompra de acciones y la reestructuración del liderazgo con la incorporación de veteranos del sector sanitario para impulsar la mejora del negocio.
NextPlat (NASDAQ: NXPL)는 전 임시직을 맡았던 Rodney Barreto를 상임 이사회 의장으로, David Phipps를 상임 최고경영자(CEO)로 임명했습니다. 두 사람은 2025년 5월 이전 의장 겸 CEO의 사망 이후 임시 직책을 수행해 왔으며, 이번 임명은 회사의 사업 재조정 방안의 일환입니다.
회사는 구조조정에서 상당한 진전을 보였습니다. 주요 내용은 다음과 같습니다: 신규 클리닉 계약과 처방전 관리 서비스에 대한 정부 하도급을 통한 헬스케어 부문 확장, 본사 통합을 포함한 비용 절감 조치로 2026년부터 연간 $240,000의 절감 예상, 주식 환매 프로그램 개시, 그리고 사업 개선을 이끌기 위한 의료 분야 베테랑 인사들의 리더십 재구성.
NextPlat (NASDAQ: NXPL) a nommé Rodney Barreto président du conseil permanent et David Phipps directeur général permanent, après leurs fonctions intérimaires suite au décès du précédent président et CEO en mai 2025. Ces nominations s’inscrivent dans le cadre des initiatives de l’entreprise visant à recentrer son activité.
L’entreprise a réalisé des progrès significatifs dans ses efforts de restructuration, notamment : l’expansion du segment santé avec de nouveaux contrats de cliniques et un sous-contrat gouvernemental pour des services de gestion des ordonnances, la mise en œuvre de mesures de réduction des coûts incluant la consolidation du siège social qui devrait permettre d’économiser 240 000 $ par an à partir de 2026, le lancement d’un programme de rachat d’actions et la restructuration de la direction avec l’intégration de vétérans du secteur de la santé pour stimuler l’amélioration de l’activité.
NextPlat (NASDAQ: NXPL) hat Rodney Barreto zum permanenten Vorstandsvorsitzenden und David Phipps zum dauerhaften CEO ernannt. Beide hatten die Rollen interimsmäßig nach dem Tod des vorherigen Vorsitzenden und CEO im Mai 2025 ausgeübt. Die Ernennungen sind Teil der Initiativen des Unternehmens zur Neuausrichtung des Geschäfts.
Das Unternehmen hat bei seinen Umstrukturierungsbemühungen bedeutende Fortschritte erzielt, darunter: Ausbau des Gesundheitssektors durch neue Klinikverträge und einen Regierungsunterauftrag für Rezeptverwaltungsdienste, Umsetzung von Kostensenkungsmaßnahmen einschließlich der Zusammenlegung des Hauptsitzes, die ab 2026 voraussichtlich $240.000 pro Jahr einsparen wird, Einleitung eines Aktienrückkaufprogramms sowie die Umstrukturierung der Führungsebene mit erfahrenen Fachkräften aus dem Gesundheitswesen zur Förderung der Geschäftsentwicklung.
- Expansion of high-margin 340B business with three new clinic contracts and three additional customers scheduled for Q4
- Expected annual cost reduction of $240,000 from headquarters consolidation starting 2026
- Implementation of share repurchase program in Q3 2025
- Secured new government contractor subcontract for prescription management services
- Incurred fees and expenses related to early lease termination in Coconut Grove
Insights
NextPlat's leadership restructuring and cost-cutting initiatives signal positive operational realignment after former CEO's passing, with encouraging early results.
The appointment of Rodney Barreto as permanent Chairman and David Phipps as permanent CEO represents a critical stabilization of NextPlat's leadership following the unexpected passing of its previous Chairman/CEO in May. This transition from interim to permanent roles suggests the board has confidence in the initial results of their business refocusing strategy. Notably, Phipps brings valuable continuity as he previously led the company through its Nasdaq listing in 2021, while Barreto contributes significant business leadership experience and valuable connections through his role with the FIFA Miami World Cup Host Committee.
The company is executing a comprehensive restructuring with tangible progress in multiple areas: (1) leadership stabilization through permanent executive appointments, (2) business expansion in healthcare with new service contracts including government-related work, (3) overhead reduction through headquarters consolidation yielding approximately
The multi-pronged approach demonstrates methodical execution against the interim plan announced in June. The emphasis on both cost discipline and revenue growth in higher-margin segments (specifically their 340B business) suggests a balanced operational strategy. The reconstitution of the Board of Directors with healthcare leadership indicates NextPlat is prioritizing expertise aligned with future growth areas. While these changes are early-stage, management's statement that "initial results" are giving them confidence suggests measurable progress is already materializing, though specific financial metrics were not disclosed.
Company Executes on Initiatives Including New Business Development, Corporate Reinvestment and Implements Additional Cost-Cutting Initiatives
Mr. Barreto has served as a Director of NextPlat since January 2022 and he brings more than 35 years of business leadership, including his role with the Barreto Group and as a partner at Capital City Consulting, a corporate and public affairs firm. He is the Chair of the FIFA Miami World Cup Host Committee 2026 and previously chaired the Miami Super Bowl Host Committees in 2007, 2010, and 2020. Mr. Phipps currently serves as President of NextPlat, where he oversees the Company's various global e-commerce and communications operations. He previously served as the Company's CEO and Chairman, guiding the Company's transformation to its successful Nasdaq listing in 2021.
Following a comprehensive business review conducted by management and outlined in an Interim CEO Update Shareholder Letter issued on June 30th, the Company has been executing against a broad range of business and corporate developments, operational process improvement, and cost reduction initiatives which are expected to drive greater efficiency, improve the Company's financial outlook, and position NextPlat for sustainable long-term growth.
Commenting on his appointment as permanent Chief Executive Officer, David Phipps said, "I greatly appreciate the Board's vote of confidence in me and its support as we execute against the initial plan we created to refocus the Company, cut costs, and position it to better support our customers and future growth. Although we are early in a multi-phase process, initial results of our efforts give me confidence that the actions we are taking are necessary and will play a critical role in generating shareholder value in the months ahead."
Mr. Barreto was equally enthusiastic, saying "I am excited to serve as the Chairman of the Board and to work with David to implement the various strategies we have developed to refocus and reinvigorate the Company. After just a few short months with David at the helm, we have made great strides and we expect the upward trend to continue."
Recent developments and progress against some of the activities outlined in the Interim CEO Update Shareholder Letter include:
- NextPlat has implemented several leadership and staffing changes throughout the organization highlighted by the permanent appointment of Messrs. Barreto and Phipps to their previously announced roles. Additionally, the Company has reconstituted its Board of Directors and added veteran healthcare leadership to the team to drive business process improvement at its Healthcare Operation.
- NextPlat has executed on several new business opportunities within its healthcare segment including securing a services subcontract for prescription management and fulfillment services on behalf of a government contractor; expanded its high margin 340B business with the addition of three new clinic contracts during the current quarter with three additional customers scheduled to start early in the fourth quarter.
- In addition to ongoing company-wide efficiency improvement and cost-cutting efforts, the Company has recently consolidated its headquarters operations within its
Hallandale Beach, Florida facility and terminating itsCoconut Grove, Florida multi-year lease agreement. After the impact of fees and expenses associated with the termination of this lease, the Company expects an annual reduction in overhead expenses of approximately$240,000 - During the third quarter of 2025, the Company initiated its previously announced share repurchase program.
For more information about NextPlat, please visit www.NextPlat.com and connect with us on Facebook, LinkedIn and X.
About NextPlat Corp
Nextplat is a global consumer products and services company providing healthcare and technology solutions through e-Commerce and retail channels worldwide. Through acquisitions, joint ventures, and collaborations, the Company seeks to assist businesses in selling their goods online, domestically, and internationally, allowing customers and partners to optimize their e-Commerce presence and revenue. NextPlat currently operates an e-Commerce communications division offering voice, data, tracking, and IoT products and services worldwide as well as pharmacy and healthcare data management services in
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company's business and any of its products, services or solutions. The words "believe," "forecast," "project," "intend," "expect," "plan," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, including the Company's ability to launch additional e-commerce capabilities for consumer and healthcare products and its ability to grow and expand as intended, any of which could cause the Company to not achieve some or all of its goals or the Company's previously reported actual results, performance (finance or operating), including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained from the SEC's website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
Media and Investor Contact for NextPlat Corp:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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SOURCE NextPlat Corp.
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