NextPlat Appoints Rodney Barreto as Chairman of the Board and David Phipps as Chief Executive Officer to Lead Ongoing Business Refocusing Efforts

Core Viewpoint - NextPlat Corp has appointed Rodney Barreto as permanent Chairman and David Phipps as permanent CEO, focusing on business refocusing, cost-cutting, and operational improvements to drive long-term growth [1][2][3]. Leadership Changes - Rodney Barreto has been a Director since January 2022 and has over 35 years of business leadership experience, including roles in the Barreto Group and Capital City Consulting [2]. - David Phipps, previously serving as President, has overseen the company's e-commerce and communications operations and played a key role in its Nasdaq listing in 2021 [2]. Business Strategy and Developments - The company is executing a broad range of initiatives aimed at improving operational efficiency and financial outlook, as outlined in a shareholder letter [3]. - Phipps expressed confidence in the company's initial refocusing plan, emphasizing the importance of cost-cutting and customer support for future growth [4]. - Barreto highlighted the progress made under Phipps' leadership and the expectation of continued upward trends [4]. Operational Improvements - NextPlat has made several leadership and staffing changes, including the reconstitution of its Board of Directors and the addition of healthcare leadership to enhance business processes [6]. - The company has secured new business opportunities in its healthcare segment, including a subcontract for prescription management services and expanded its 340B business with three new clinic contracts [6]. - A consolidation of headquarters operations is expected to reduce overhead expenses by approximately $240,000 annually starting in 2026 [6]. Financial Initiatives - The company initiated a share repurchase program during the third quarter of 2025, indicating a commitment to returning value to shareholders [6].