Michael W. Ferro, Jr., chairman and board member for Chicago-based Merge Healthcare Inc., has resigned after another poor quarter for the company.
Immediately after the second quarter financial results for the company were announced earlier this month, Jeffery A. Surges, the company’s CEO resigned, and now Ferro is following suit. The company’s board appointed Dennis Brown as Ferro’s replacement. Justin Dearborn was named as the new CEO and Nancy Koenig was named as the new COO earlier this month.
In the press release announcing the leadership change, Ferro attempted to clear up any questions about why he left.
"Merge is at the heart of a large, growing and dynamic market for healthcare imaging, and, as its largest shareholder, I have a lot riding on its future success,” Ferro stated. “I remain very confident in the Company, its products and its new leadership team, and my decision does not reflect any disagreement with Merge's management or Board. Rather, I have worked with Justin Dearborn and Nancy Koenig for many years and know that they can and will move the Company forward. In addition, all Merge stockholders are extremely fortunate to have an experienced and capable leader like Dennis Brown ready to step in as our next Chairman. I will be available to Justin, Nancy, Dennis and the rest of the Board in the future should they want my input. "