CEO of a Top Florida Public Company Steps Down

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Big news coming out of South Florida’s business world: AirSculpt Technologies is on the lookout for a new CEO. Todd Magazine has stepped down from both his role as CEO and his position on the board of directors. Until they find a permanent replacement, Chief Financial Officer Dennis Dean will take over the reins as interim CEO.

This shake-up comes right after AirSculpt released its second-quarter earnings, which fell to $51 million—down 8.4% compared to last year. Not the kind of news you want to see, especially with Magazine stepping away right when the company’s revenue is facing some challenges.

Dean didn’t mince words about the situation. He acknowledged the disappointing results and the “challenging consumer spending environment” that’s affecting performance. But he’s also optimistic about the future. Dean highlighted that despite the dip in revenue, there’s still strong demand for AirSculpt’s body contouring procedures, and new locations that opened in 2023 are actually outperforming expectations.

So, what’s next for AirSculpt? Dean’s immediate focus will be on streamlining operations and cutting costs to help the company scale more efficiently. The goal is to strengthen the foundation of the business and prepare it for future growth.

For those not in the know, AirSculpt Technologies, based in Miami Beach and trading on the Nasdaq under the ticker AIRS, specializes in minimally invasive fat removal and skin tightening procedures. Since hitting the public market in October 2021, the company has become one of South Florida’s top public firms with over $195 million in revenue last year.

Interestingly, the company also had $180,000 in deposits at Silicon Valley Bank before the bank’s collapse—a fact that might have added some stress to the current situation. Founder and executive chairman Dr. Aaron Rollins, who earned over $29 million in 2021, has expressed confidence in Dean’s ability to lead the company through these turbulent times.

Rollins emphasized that focusing on core operations and improving fiscal discipline will be key to driving growth. So, as AirSculpt navigates this period of transition, all eyes will be on how well Dean can steer the ship and how quickly a new CEO will be named. Stay tuned for updates on this developing story!