The Polynovo Ltd (ASX: PNV) share price is surging on Friday afternoon.
This comes after the medical device company's shares tumbled almost 20% this week before staging a mini-comeback yesterday.
At the time of writing, the medical device company's shares are swapping hands at $1.62, up 7.29% – slightly under last Friday's close of $1.725.
Let's look at what the company announced to the market today.
Image source: Getty Images
Polynovo bolsters leadership team
Investors are snapping up Polynovo shares after the company revealed it had secured the services of an experienced pharmaceutical leader.
In today's release, Polynovo advised Swami Raote has been appointed as company CEO with immediate effect.
This sees acting CEO Max Johnston exit the role after serving since November 2021.
Polynovo noted Raote's achievements, particularly his 30-year career at global pharmaceutical giant Johnson & Johnson.
During his time there, Raote earned a reputation as a transformation growth leader across fast-moving consumer goods, over-the-counter products, pharmaceuticals, and medical devices.
He also held senior leadership positions at Johnson & Johnson across various geographies of interest to Polynovo. This includes Indonesia, the Association of Southeast Asian Nations (ASEAN), India, China, South Korea, and the United States.
Raote is currently "an advisor to the prime minister of a major Asian country that is building a digital health platform", according to his biography.
Furthermore, he's in several other advisory roles, which Polynovo will review to consider potential market opportunities.
Management commentary
Polynovo chair David Williams welcomed the news, saying:
Swami has successfully run fully integrated businesses including research and development, regulatory, manufacturing, and sales and marketing. That experience along with hands on experience in many geographies and markets will position Polynovo for an exciting new era of growth, innovation, and operational excellence.
On a lighter note, Williams added:
Swami is 58 years old and given he is significantly younger than me, I judge he has more than enough energy for the challenge.
Polynovo share price snapshot
Despite its recent gains, the Polynovo share price has plummeted 30% over the last 12 months.
The company's shares hit a 52-week low of 83.5 cents on 5 May and have been treading upwards since.
Based on today's price, Polynovo commands a market capitalisation of more than $1 billion.
