0001376339-26-000021
SEC filingMiMedx Group, Inc. announced a cost reduction initiative eliminating the COO position and reducing executive base salaries, expecting annualized savings of approximately $40 million with a $4 million Q2 restructuring charge.
MiMedx Group, Inc. implemented a comprehensive cost reduction initiative on April 14, 2026, eliminating the Chief Operating Officer position held by Ricci Whitlow, who departed immediately without any disagreement with the company. CEO Joseph H. Capper praised Whitlow's contributions in scaling operations, navigating regulatory audits, and supporting product launches. This move is part of a broader restructuring following a business review, which identified the need to adjust costs due to sluggish recovery in the Wound Care business after a January 1 Medicare reimbursement reduction, while prioritizing investments in the flourishing Surgical segment. Executive compensation was realigned with CEO Capper accepting a 20% base salary cut and other named officers—CFO Doug Rice, GC/CAO William “Butch” Hulse, and CCO Kimberly Maersk-Moller—taking 10% reductions through year-end 2026. The initiative targets $40 million in annualized operating expense savings, offset by a $4 million one-time charge in Q2 2026. Management plans to discuss Q1 results and reorganization impacts on the upcoming earnings call, signaling a focus on profitability amid market challenges.