Nuwellis (NUWE) Announces CEO Retirement

Nuwellis, Inc. (Nasdaq: NUWE), a medical technology company focused on transforming the lives of people with fluid overload, announced today that Nestor Jaramillo, Jr. retired as President and Chief Executive Officer and as a director of the company, effective February 18, 2025. John Erb, who currently serves as Chairman of the company's Board of Directors, assumed the role of Interim President and Chief Executive Officer and assumed all of the duties formerly performed by Mr. Jaramillo. Nuwellis intends to retain an executive search firm to assist in identifying a permanent CEO.

Mr. Erb, stated, "Nestor has been with the company for nearly six years and has played a prominent role in our growth. We credit him with many important strategic contributions. We are appreciative to Nestor for his work and commitment to the company, and we wish him the best in his retirement. I am honored to serve as Interim President and Chief Executive Officer of Nuwellis during this time. I look forward to working closely with the management team to work towards and execute on the Company’s near-term priorities.”

Amongst many other accomplishments, Mr. Erb has served as a director of Nuwellis since September 2012 and as chairman of our Board since October 2012. Previously, Mr. Erb served as president and chief executive officer of Nuwellis from November 2015 to January 2021. He was executive chairman of the board (during 2007) and chief executive officer (from 2001 to 2006) of the previous owner of the Aquadex™ system, which was then known as CHF Solutions, Inc., a medical device company involved in the development, manufacturing and distribution of devices to treat congestive heart failure. Mr. Erb received a B.A. in business administration, with a concentration in finance, from California State University, Fullerton.

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