Procaps Group, S.A. (NASDAQ: PROC) (“Procaps” or the “Company”), a
leading integrated LatAm healthcare and pharmaceutical services
company, today announced significant outcomes from its recent
Shareholders Meeting and subsequent Board of Directors meeting.
These include changes to the Board composition, restructuring of
Board committees, and updates to its executive leadership team.
The Shareholders Meeting marked an important
milestone with the election of new members to the Board of
Directors. The newly elected members bring a diverse range of
expertise and strategic insight to guide Procaps’ future growth.
Newly appointed Board members include:
- Mr. Alejandro Weinstein, Executive Chairman of the board
- Mr. Nicolas Weinstein
- Mr. Ernesto Carrizosa
- Mr. Jose Frugone
The company also acknowledges the resignation of
Mr. David Yanovich from the Board of Directors. Procaps expresses
its gratitude to Mr. Yanovich for his valuable contributions and
dedication during his tenure.
The Board of Directors will be composed of
Alejandro Weinstein, José Minski, Alberto Eguiguren, Nicolas
Weinstein, Ernesto Carrizosa and Jose Frugone.
Board Committees
Restructured
Following the Shareholders Meeting, the Board of
Directors convened to redefine its committee structures. Key
decisions include:
- Audit Committee
- New Members: Mr. Jose Frugone Domke, Mr. Alberto Eguiguren
Correa, and Mr. Ernesto Carrizosa
- Chairperson: Mr. Jose Frugone Domke
- Compensation
Committee
- New Members: Mr. Jose Frugone Domke, Mr. Alberto Eguiguren
Correa, and Mr. Ernesto Carrizosa
- Chairperson: Mr. Alberto Eguiguren Correa
- Mergers & Acquisitions
Committee
- New Members: Mr. Alejandro E. Weinstein and Mr. Ernesto
Carrizosa
- Chairperson: Mr. Alejandro E. Weinstein
- Nominating Committee
- New Members: Mr. Jose Frugone
Domke, Mr. Alberto Eguiguren Correa, and Mr. Nicolas A.
Weinstein
- Chairperson: Mr. Nicolas A.
Weinstein
Additionally, the newly established
Commercial, Innovation, and Marketing Committee
will serve as a collaborative platform between Board members and
management to drive innovation, optimize commercial strategies, and
strengthen Procaps’ market position.
Leadership Transition
Procaps Group is also pleased to announce the
following executive leadership updates:
Effective immediately, Patricio Vargas will
transition from his role as Chief Financial Officer (CFO) to assume
the newly established position of Chief Optimization and
Rationalization Officer. In this capacity, Patricio will drive the
company’s turnaround strategy, leading M&A initiatives and
strategic growth drivers to support Procaps’ long-term vision and
resilience.
Additionally, an Interim CFO has been appointed
to focus on the restatement process and financial reporting,
including the preparation and signing of the company’s 2023 and
2024 financial statements and Form 20-F. This dedicated role
ensures full alignment with Procaps’ efforts to achieve accuracy,
transparency, and compliance during this critical period.
To complement the Interim CFO’s dedicated focus
on the restatement and financial reporting, Melissa Angelini has
been appointed as Interim Vice President of Finance. In this role,
Melissa will oversee the broader corporate financial operations,
including treasury management, FP&A, and related strategic
financial functions, while continuing to lead the Investor
Relations team. Her role ensures operational continuity and
strategic alignment, supporting Procaps’ growth objectives and
financial accountability until the company finalizes its new
organizational structure.
“These changes reflect Procaps’ ongoing
commitment to excellence in governance and leadership. We are
confident that the new Board and committee structures, as well as
management changes will drive sustained value for our
stakeholders,” said Alejandro Weinstein, Executive Chairman of
Procaps Group's Board of Directors.
Looking Ahead
Procaps Group remains dedicated to its mission
of improving health and well-being through innovative
pharmaceutical and healthcare solutions. The company’s proactive
approach to governance, leadership, and innovation positions it for
success in its key markets.
About Procaps Group
Procaps Group, S.A. (“Procaps”) (NASDAQ: PROC)
is a leading developer of pharmaceutical and nutraceutical
solutions, medicines, and hospital supplies that reach more than 50
countries in all five continents. Procaps has a direct presence in
13 countries in the Americas and nearly 5,000 employees working
under a sustainable model. Procaps develops, manufactures, and
markets over-the-counter (OTC) pharmaceutical products,
prescription pharmaceutical drugs (Rx), nutritional supplements,
and high-potency clinical solutions.
For more information, visit www.procapsgroup.com
or Procaps’ investor relations website
investor.procapsgroup.com.
Investor Contact:Melissa Angelini
ir@procapsgroup.cominvestor.procapsgroup.com
Forward-Looking Statements
This press release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements may be identified by the use of words
such as "forecast," "intend," "seek," "target," "anticipate,"
"believe," "expect," "estimate," "plan," "outlook," “goal,”
“objective,” “will,” “may,” “should,” “can,” “project” and other
similar expressions that predict or indicate future events,
objectives, results or trends or that are not statements of
historical matters. Such forward-looking statements include,
without limitation, projected financial information, the Company’s
expectations about the timing of completion of the independent
investigation, financial restatement and filing of the 2023 20-F,
the Company’s statements regarding seeking additional financing,
statements related to the Company’s plans, outlook and strategy,
other Company initiatives and objectives or forecasts related to
the Company’s business, performance and industry. These
forward-looking statements involve substantial risks and
uncertainties, or assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements, and actual results
could vary materially from these forward-looking statements.
Factors that may cause future results to differ materially from
management’s current expectations include, among other things, the
discovery of additional information relevant to the investigation;
the conclusions of management (and the timing of the conclusions)
concerning matters relating to the investigation; the timing of the
review by, and the conclusions of, the Company’s independent
registered public accounting firm regarding the internal
investigation and the Company’s financial statements; the
possibility that additional errors may be identified; the risk that
the completion and filing of the 2023 20-F will take longer than
expected; the inability to successfully implement or execute on the
Company’s strategic objectives or initiatives, including governance
and compliance enhancements; the inability to obtain additional
financing; the inability to successfully implement or execute on
our restructuring plans; changes in applicable laws or regulations;
the possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors; the inability of
the Company to execute on its expense reductions plans or growth
initiatives; and other risks and uncertainties indicated from time
to time in documents filed or to be filed with the Securities and
Exchange Commission ("SEC") by the Company. The Company disclaims
any obligation to update information contained in these
forward-looking statements whether as a result of new information,
future events, or otherwise.
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