Nephros, Inc. announces retirement of its CEO and appointment of new CEO - Robert Banks
May 8, 2023
Nephros, Inc., a leading water technology company that provides filtration solutions to the medical and commercial markets, recently announced that its President and Chief Executive Officer, Andy Astor, will be retiring soon. Additionally, Nephros announced that Robert Banks will be appointed as the new President and CEO, effective on the first business day following the filing of Nephros’ Form 10-Q for the quarter ended March 31, 2023.
Astor will continue to serve as an advisor to Banks and will also act as interim Chief Financial Officer while the search for a permanent CFO is ongoing. Astor, who has been with Nephros for the past six years, has expressed his pleasure in leaving Nephros at its strongest point ever. In 2023 alone, the company has achieved cash-flow breakeven earlier than anticipated, and its base revenue growth has increased by 40% year-over-year.
The Nephros Board of Directors has expressed excitement in welcoming Robert Banks as the new CEO. Banks, who has over 20 years of experience in the water industry, has a strong record of growing sales across multiple businesses. Arthur Amron, a Nephros Director, and partner of Wexford Capital LP, the company's largest shareholder, said that Banks' record of success as a commercial leader gives them confidence that he is the right executive to lead Nephros as they seek to accelerate revenue growth and maintain cash-flow breakeven in 2023.
Banks has a proven track record of delivering value through innovation and aligning the strengths of his organizations with customer needs to drive profitable growth. He spent almost two decades at GE, where he held various commercial and engineering roles with small- and medium-sized business units. After GE, he was Executive Director of Product Management at ITT Corporation, where he was responsible for sales and marketing of a leading commercial pump portfolio. Most recently, Banks was Vice President of Global Strategic Accounts at Danfoss Power Solutions.
Banks has expressed his excitement in joining the Nephros team. Nephros has a reputation for its best-in-class technologies and extraordinary relationships with partners and customers. Banks is thrilled to have the opportunity to build Nephros from this point forward, especially with the recent announcement of strong revenue growth and improved cash flow.
Members of LevelFields received the alert of this event on May 8, 7:55 AM ET
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