Co-Diagnostics Names New CFO and CSO

Tuesday was a busy day in the upper managerial ranks of Co-Diagnostics (CODX +38.39%). The molecular diagnostics specialist appointed both a new CFO and a new chief science officer (CSO).

The former is Brian Brown, who replaces current office holder Reed Benson. Brown has served in a range of financial positions in his career, including a more than 10-year stint at Sportsman's Warehouse, where he was director of finance for most of that time.

The company said Benson will remain with it as a general counsel.

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Co-Diagnostics' new CSO is Jesse Montgomery, who was previously its senior vice president of biochemistry, a position he took up last September. He originally joined Co-Diagnostics that June as its vice president of research.

Montgomery replaces Brent Satterfield, the company's founder. Similar to outgoing CFO Benson, Satterfield will also stay with Co-Diagnostics. In his case, he will serve as the head of its scientific advisory board.

In the press release heralding the executive changes, Co-Diagnostics said that they "[follow] significant growth in the past year and in anticipation of additional growth in the future." On the back of sudden prominence related to its COVID-19 diagnostic solutions, the company's stock has been on fire, rising by nearly 1,000% in 2020.

With that kind of performance, investor expectations are high, and the company appears to be gearing up to meet them.

That said, its shares fell by over 5% on Tuesday, against the slight (0.1%) gain of the S&P 500 index.