PolyNovo (ASX:PNV) has just announced a change to its board.
PolyNovo announces today the resignation of Dr David McQuillan as Non-Executive Director and his appointment as Chief Technical and Scientific Officer of the Company.
David is an experienced MedTech executive with extensive experience across start-up, early-stage commercial, and mid-cap medical technology companies.
Dr McQuillan spent 20 years managing research and development for leading companies in generative medicine and wound healing, including LifeCell (acquired by Allergen), Kinetic Concepts (acquired by 3M), and Tela bio (Nasdaq: Tela).
Shares of PolyNovo have risen 1.538% following the announcement.
Any change in the make-up of a company?s board can have an impact on a company?s stock price.
Generally, age-related turnovers and voluntary resignations have a marginal impact on the share price.
However, when either the Chairman or another board member is ousted, this can have a significant impact on the stock price.
As the role of the board is to endorse the strategy of the business, changes to the board can have an impact on the strategic direction of the company and therefore it?s future profitability.