News | June 04, 2008

Merge Healthcare Cuts Workforce, Names New CEO

June 5, 2008 - Merge Healthcare Inc. is reorganizing its business operations and making changes in executive management, according to the company.

The company is reorganizing and renaming its operating divisions. Merge Healthcare North America (MHNA) has been renamed Merge Fusion. Cedara, its operating division located in Toronto, Ontario, will be renamed Merge OEM.

Four top company executives, including Merge CEO Kenneth Rardin, CFO Steven Norton, Merge North American division President Gary Bowers and Cedara/Merge OEM division President Loris Sartor all have resigned. According to Merge, these officers are entitled to full severance benefits under their pre-existing employment agreements.

Justin C. Dearborn was named the company's new CEO. Since September 2006, Dearborn has served as managing director and general counsel of Merrick Ventures LLC ("Merrick"), an affiliate of Merrick RIS LLC.

Steven M. Oreskovich was tapped as the new CFO. Nancy J. Koenig was named president of the renamed Merge Fusion Division, while Antonia Wells was named president of the renamed Merge OEM Division.

Merge plans to cut approximately 60 people, reducing the total of employees down to approximately 300. The company anticipates that these reductions will result in a charge of at least $6 million in its financial statements for the second quarter ending June 30, 2008. The charge is expected to include at least $5 million in employee severance costs and at least $1 million in costs related to the early termination of office leases. Most of the severance costs will be payments to executives over the next 12 months pursuant to the terms of pre-existing employment agreements.

The company anticipates incurring additional non-cash charges during the second quarter ending June 30, 2008 associated with the reorganization. These non-cash charges include approximately $1 million of trade name impairment costs and approximately $2 million of stock-based compensation costs associated with the accelerated vesting of certain restricted stock and stock options of terminated employees.

For more information; www.mergehealthcare.com

Related Content

Henry Ford Hospital's ViewRay MRIdian linear accelerator system allows real-time MRI-guided radiotherapy. Shown is the support staff for this system. In the center of the photo is Benjamin Movsas, M.D., chair of radiation oncology at Henry Ford Cancer Institute. Second from the right is Carrie Glide-Hurst, Ph.D., director of translational research, radiation oncology.

Henry Ford Hospital's ViewRay MRIdian linear accelerator system allows real-time MRI-guided radiotherapy. Shown is the support staff for this system. In the center of the photo is Benjamin Movsas, M.D., chair of radiation oncology at Henry Ford Cancer Institute. Second from the right is Carri Glide-Hurst, Ph.D., director of translational research, radiation oncology.

Feature | Henry Ford Hospital | May 21, 2019 | Dave Fornell, Editor
Henry Ford Hospital thought leaders regularly speak at the radiation oncology and radiology conferences about new res
MaxQ AI Launches Accipio Ax Slice-Level Intracranial Hemorrhage Detection
Technology | Computer-Aided Detection Software | May 21, 2019
Medical diagnostic artificial intelligence (AI) company MaxQ AI announced that Accipio Ax will begin shipping in August...
AI Detects Unsuspected Lung Cancer in Radiology Reports, Augments Clinical Follow-up
News | Artificial Intelligence | May 20, 2019
Digital Reasoning announced results from its automated radiology report analytics research. In a series of experiments...
Baylor Scott White Heart Hospital Siemens Flash CT system used for dedicated cardiac CT scans, CCTA, CTA.
360 Photos | CT Angiography (CTA) | May 20, 2019
This is a 360 degree photo of a Siemens Somatom Force 64-slice, dual-source computed tomography (CT) system installed
New Study Evaluates Head CT Examinations and Patient Complexity
News | Neuro Imaging | May 17, 2019
Computed tomography (CT) of the head uses special X-ray equipment to help assess head injuries, dizziness and other...
FDA Clears Aidoc's AI Solution for Flagging Pulmonary Embolism
Technology | Artificial Intelligence | May 15, 2019
Artificial intelligence (AI) solutions provider Aidoc has been granted U.S. Food and Drug Administration (FDA)...
Gorilla Undergoes Follow-up CT Scan at Boston's Franklin Park Zoo

Gigi, a western lowland gorilla at Fanklin Park Zoo (Boston), recently underwent a computed tomography (CT) scan as part of efforts to identify the cause of ongoing health issues in recent months. Image courtesy of Zoo New England

News | Computed Tomography (CT) | May 06, 2019
Gigi, a western lowland gorilla, was recently put under anesthesia at Franklin Park Zoo (Boston) so the zoo’s...
Aidoc Raises $27 Million in Series B Funding
News | Artificial Intelligence | May 02, 2019
Radiology artificial intelligence (AI) solutions provider Aidoc announced a $27 million investment, bringing its total...
Canon Medical Installs First CT Scanner With AI in Belgium
News | Computed Tomography (CT) | May 02, 2019
May 2, 2019 — Canon Medical has installed the Aquilion One Genesis, one of the first...