Michael W. Ferro stepped down today as chairman and a director of Merge Healthcare and said he would explore taking the company private.
Board member Dennis Brown was appointed chairman of the company, which provides medical imaging software for hospitals and health systems.
Mr. Ferro controls about 29 percent of the company.
“As (Merge's) largest shareholder, I have a lot riding on its future success. 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,” Mr. Ferro said in a statement this morning.
“Over time, I intend to explore a variety of ways to increase shareholder value, including, possibly, a going-privatetransaction,” Mr. Ferro said in the statement.
Merge replaced its CEO earlier this month as Mr. Ferro called second-quarter results "very disappointing."Ferro resigns as Merge Healthcare chairman originally appeared on Crain's Chicago Business' website.