Nuwellis appoints Mike McCormick as chief executive officer

Nuwellis, Inc. (Nasdaq: NUWE) announced on June 16, 2026, that Mike McCormick will become its Chief Executive Officer, effective June 30, 2026. The company furnished the release to the Securities and Exchange Commission with a Form 8-K, and the release is dated June 16, 2026. John Erb, who was serving as President, Chief Executive Officer and Chairman of the Board, will transition out of his executive leadership role and continue to serve as Chairman of the Board.

The transition

The release says Erb will support McCormick and the management team in his role as Chairman. Erb said: "I look forward to supporting Mike and the management team as Chairman of the Board." The release is attached to the filing as Exhibit 99.1. In the release, Erb said: "Mike brings an exceptional combination of operational leadership, commercial expertise, and strategic vision." He said McCormick's understanding of the medical device industry and his record of building and scaling healthcare companies make him well suited to lead the company into its next phase of growth.

McCormick said the company has an important opportunity to expand the role of precision fluid management in cardiorenal care. He said he expects to work with employees, the leadership team, the Board, clinicians and customers to build on the company's momentum, strengthen commercial execution and advance its pipeline.

Who McCormick is

According to the release, McCormick is a medical technology executive with more than three decades of leadership experience. That experience spans product development, commercialization, corporate strategy and value creation. The release says he has founded, scaled and led both public and private medical technology companies. It says he created value through commercialization, operational execution, capital formation and strategic transactions across several healthcare markets.

McCormick is not new to the company's board. The release says he served as a Board Member and Independent Director of Nuwellis from June 2023 through January 2026. The appointment therefore moves a former independent director into the chief executive role.

About the company and its financial position

The release describes Nuwellis as a medical technology company committed to delivering solutions for patients with cardiorenal conditions. It says the company develops solutions designed to support patient care through monitoring, therapy and data-informed clinical decision-making across acute and chronic care settings. The portfolio includes commercially available and development-stage technologies, with a focus on safety, precision and scalability across patient populations.

The company's annual figures, from its Form 10-K filed on March 11, 2026, show revenue of $8.3 million for the fiscal year ended December 31, 2025, compared with $8.7 million for 2024. Research and development expense was $2.7 million in 2025, compared with $3.2 million in 2024. The net loss was $17.5 million in 2025, compared with $11.2 million in 2024. Cash used in operations was $10.8 million in 2025, compared with $9.6 million in 2024. Cash and cash equivalents stood at $5.1 million at the end of 2024.

What comes next

The release does not say why Erb is stepping back from the chief executive role, and it gives no contract terms for McCormick. Its description of McCormick's experience is the company's own. The new chief executive inherits a company whose revenue fell from $8.7 million to $8.3 million in 2025 while the net loss grew from $11.2 million to $17.5 million, with cash used in operations of $10.8 million. The change takes effect on June 30, 2026, with Erb staying on as Chairman. The release describes no change to strategy, commercial plans or board composition.

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