The Volpara Health Technologies Ltd (ASX: VHT) share price is backtracking this afternoon. This comes after the company announced the appointment of its first female CEO.
At the time of writing, the healthcare technology company's shares are down 2.25% to 87 cents. It's worth noting that despite falling today, its shares are up almost 22% in a month.
Volpara welcomes first female CEO
Volpara this morning revealed that Teri Thomas would take over the role of CEO from Dr Ralph Highnam.
Dr Highnam, who founded Volpara and has been CEO for 13 years, will move into the role of chief science and innovation officer to focus on developing the next wave of Volpara's innovative technology. Dr Highnam also held the title of director which he will also rescind.
Thomas, an experienced healthcare exceutive, will become the company's first female CEO. It marks a milestone move for the company as Thomas becomes "one of only a few women who are CEOs of tech companies listed on ASX", according to Volpara.
In Australia, despite making up 75% of the workforce, women represent only 45% of public hospital board chairs, 39% of private hospital CEO's, and 38% of state and federal chief medical or health officers, the company said.
While the formal change is not expected for another few months, an orderly transition of responsibilities is underway.
Volpara noted that Dr Highnam will continue to host investor presentations and the full-year results at the end of May.
Thomas, on the other hand, will be engaging with the sales and marketing teams in the United States as well as meeting strategic partners and customers.
The pair will work together on market communications and handover of the CEO duties.
Based in New Zealand, Thomas has an extensive history of executive management in the healthcare industry. This ranges from strategy and operations to running global sales and marketing teams.
Notably, Ms Thomas served 20 years at Epic, a leading healthcare software developer. A registered nurse with a master of science degree, Ms Thomas can add value on IT, clinical workflow, and patient experience.
Commenting on the move, outgoing CEO Dr Highnam said:
There's never been a more exciting time for Volpara Health.
I am turning commercial responsibility over to a gifted and experienced leader at a time where we are getting not just closer to early detection but prevention of breast cancer.
Teri's experience is ideal to help Volpara achieve its mission by reaching more patients in more ways.
Volpara share price snapshot
The past 12 months have been disappointing for investors, with the Volpara share price down almost 35%.
When looking at year-to-date, its losses are hovering at almost 17%.
Based on the current share price, Volpara commands a market capitalisation of around $219.18 million.
