Michael Ferro resigns as chairman of Merge Healthcare [Chicago Tribune]
(Chicago Tribune (IL) Via Acquire Media NewsEdge) Aug. 26--Michael W. Ferro Jr. has resigned as chairman and stepped down as a director of Merge Healthcare Inc., the company said Monday.
Merge Healthcare's board of directors appointed Dennis Brown as the company's new chairman, effective immediately.
Ferro, who is also chairman of Wrapports Inc., publisher of the Chicago Sun-Times, is the largest shareholder in Merge, a Chicago-based health technology company.
Ferro's resignation follows that of former chief executive Jeffery Surges who resigned in August following a disappointing financial performance at the beleagured company in the second quarter.
Ferro said the decision does not reflect any disagreement with Merge's management or board.
"I have worked with Justin Dearborn and Nancy Koenig for many years and know that they can and will move the company forward," Ferro said.
Chicago-based Merge, which pulled itself off the for-sale market in February, appointed Justin Dearborn, who joined the company in 2008, as its new CEO. It then promoted Nancy Koenig to chief operating officer.
At the time Ferro apologized for the company's "very disappointing second quarter results."
Ferro said that although Merge's second quarter results were disappointing he does not believe that the current trading price of Merge common stock reflects "the company's inherent strengths, market position or long-term prospects."
Ferro served as Merge's chairman and a director since June, 2008, when Merrick RIS, LLC made a significant investment in the company. Merrick RIS and other affiliates of Ferro own approximately 26.6
million shares of Merge's common stock.
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