Venus Concept Announces Senior Management Changes

Rhea-AI Summary

Venus Concept (NASDAQ: VERO) announced key changes to its senior leadership team. Dr. Hemanth Varghese, President and COO, will depart on March 28, 2025, while Bill McGrail, EVP of Technical Operations & Compliance, will retire on February 28, 2025.

The medical aesthetic technology company has appointed Kirk Gunhus as Chief Revenue Officer with global responsibility for sales efforts. Ross Portaro becomes EVP of Commercial Strategy and Head of Venus Hair, focusing on expanding the hair business across all markets. Melissa Kang returns as Chief Product Officer to guide future product vision, while Michael Mandarello, Chief Legal Officer, takes on an expanded role as Head of Strategy & Operations.

CEO Rajiv De Silva stated these changes are part of Venus Concept's ongoing transformation efforts, designed to "streamline decision making and best position the Company for its return to growth and its journey towards profitability." The restructuring aims to build the right team for future growth and maximize upcoming product launches.

Positive

• Leadership restructuring aimed at streamlining decision-making
• Strategic focus on return to growth and path to profitability
• Expanded focus on Venus Hair business across all markets
• Positioning for upcoming new product launches

Negative

• Departure of President and COO who led transformation efforts
• Retirement of EVP of Technical Operations & Compliance
• Ongoing need for corporate transformation suggests current challenges

TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Venus Concept Inc. (“Venus Concept” or the “Company”) (NASDAQ: VERO), a global medical aesthetic technology leader, today announced several changes to its senior leadership team.

Dr. Hemanth Varghese, President and COO will depart the company to pursue other opportunities, effective March 28, 2025, and Bill McGrail, EVP, Technical Operations & Compliance, will retire, effective February 28, 2025. The Company expresses their gratitude for their contribution to Venus’ turnaround and drive for operational excellence globally.

With the departures, Kirk Gunhus has been appointed Chief Revenue Officer, with global responsibility for Venus’ sales efforts. This includes oversight of the direct field force, distributor relationships and technical support for all customers. Ross Portaro has been appointed as EVP, Commercial Strategy and Head of Venus Hair, with a focus on providing commercial guidance and expanding our Venus Hair business in all jurisdictions.

Venus Concept also welcomes back Melissa Kang, the Company’s former EVP, Global Marketing & Product Management, as Chief Product Officer. She will work on continuing the history of innovation at the Company, by guiding future product vision and roadmap. Michael Mandarello, the Company’s Chief Legal Officer, will take on an expanded role as Head of Strategy & Operations, to include oversight of Venus’ corporate strategy and operational execution.

These changes are part of Venus Concept’s ongoing transformation efforts and are focused on establishing the optimal senior management structure for the next phase of its evolution.

"This new management structure is designed to streamline decision making and best position the Company for its return to growth and its journey towards profitability. This reorganization demonstrates our commitment to building the right team to enable future growth and maximize upcoming new product launches. I look forward to working with Kirk, Ross, Melissa and Michael in their new roles,” said Rajiv De Silva, Chief Executive Officer of Venus Concept.

Mr. De Silva went on to say, "We are grateful for the pivotal role Hemanth has played in executing the Company’s transformation efforts over the last two years and we wish him well in his future endeavors. We also congratulate Bill on his well-deserved retirement."

About Venus Concept

Venus Concept is an innovative global medical aesthetic technology leader with a broad product portfolio of minimally invasive and non-invasive medical aesthetic and hair restoration technologies and reaches over 60 countries and 12 direct markets. Venus Concept's product portfolio consists of aesthetic device platforms, including Venus Versa, Venus Versa PRO, Venus Legacy, Venus Velocity, Venus Viva, Venus Glow, Venus Bliss, Venus Bliss MAX, Venus Epileve, Venus Viva MD and AI.ME. Venus Concept's hair restoration systems include NeoGraft® and the ARTAS iX® Robotic Hair Restoration system. Venus Concept has been backed by leading healthcare industry growth equity investors including EW Healthcare Partners (formerly Essex Woodlands), HealthQuest Capital, Longitude Capital Management, Aperture Venture Partners, and Masters Special Situations.

FAQ

What leadership changes did Venus Concept (VERO) announce on February 25, 2025?

Venus Concept announced the departure of Dr. Hemanth Varghese (President/COO) effective March 28, 2025, and retirement of Bill McGrail (EVP) on February 28, 2025. The company appointed Kirk Gunhus as Chief Revenue Officer, Ross Portaro as EVP of Commercial Strategy, Melissa Kang as Chief Product Officer, and expanded Michael Mandarello's role.

Why is Venus Concept (VERO) restructuring its leadership team in 2025?

Venus Concept is restructuring its leadership to streamline decision-making, position the company for return to growth, advance toward profitability, and maximize upcoming product launches as part of its ongoing transformation efforts.

Who is the new Chief Revenue Officer at Venus Concept (VERO)?

Kirk Gunhus has been appointed as Chief Revenue Officer at Venus Concept, with global responsibility for sales efforts including oversight of the direct field force, distributor relationships, and technical support for all customers.

What is Venus Concept's (VERO) strategy for its hair business in 2025?

Venus Concept appointed Ross Portaro as EVP of Commercial Strategy and Head of Venus Hair, specifically to focus on providing commercial guidance and expanding the Venus Hair business across all jurisdictions.

When will Venus Concept's (VERO) leadership changes take effect in 2025?

The leadership changes are effective immediately, with Dr. Hemanth Varghese departing on March 28, 2025, and Bill McGrail retiring on February 28, 2025.