MiMedx Group Inc. (NASDAQ: MDXG) implemented a cost reduction initiative on April 14, 2026, eliminating the chief operating officer position and reducing executive compensation.

Ricci Whitlow, who held the COO position, departed the company immediately as her role was eliminated. The company stated Whitlow's departure was not due to a disagreement with the organization.

CEO Joe Capper's base salary was reduced by 20%, while the base salaries of CFO Doug Rice, General Counsel and Chief Administrative Officer William "Butch" Hulse, and Chief Commercial Officer Kimberly Maersk-Moller were each cut by 10%. These salary reductions remain in effect through December 31, 2026.

The medical technology company said the initiative aims to prioritize growth opportunities, streamline operations and reduce operating expenses, according to a company statement.