05 Jun Merge CEO Kenneth Rardin resigns in reorganization
Milwaukee, Wis. – In a major corporate reorganization, Merge Healthcare has announced the resignations of four top executives, including CEO Kenneth Rardin, and the renaming of its operating divisions.
As part of the reorganization, Merge said global employment would be reduced by about 60 people, leaving the company with approximately 300 employees. The resignations and staff reductions would result in at least $5 million in employee severance costs.
The company has accepted the resignations of Rardin and chief financial officer Steven Norton, plus Gary Bowers, president of Merge’s North American division, and Loris Sartor, president of the Cedara/Merge OEM division.
Rardin will be replaced by the company’s new CEO, Justin Dearborn, who has a legal background. Dearborn recently served as managing director and general counsel of Merrick Ventures, LLC, a technology holding company based in Chicago.
Merrick RIS, an affiliate of Merrick Ventures, recently helped Merge net $16.6 million in financing as part of a securities purchase agreement.
Steven Oreskovich will be the new CFO, former Merrick Ventures managing director Nancy Koenig will take over as president of the newly renamed Merge Fusion Division, and Antonia Wells will be the new president of the renamed Merge OEM division.
The shake up represents the second wave of resignations of people in the company’s executive suite since accounting errors were reported in 2006. At that time, several executives, including the company founder, resigned as a result of the errors and the company faced delisting from the NASDAQ Stock Market.
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