Bruce Mogel has resigned as president and chief executive officer of four-hospital Integrated Healthcare Holdings, Santa Ana, Calif., effective Dec. 31, the company said in a securities filing. Mogel and Integrated agreed that the resignation was in their best interest, the filing said.
Mogel, 50, has been embroiled in a dispute between two blocs of Integrated Healthcare shareholders. One bloc, made up primarily of physician Kali Chaudhuri, supported Mogel as CEO against the wishes of the other bloc, the Orange County Physicians Investment Network, or OC-PIN, which called for his dismissal. OC-PIN filed lawsuits against both Integrated and Mogel over the summer, alleging misconduct by Mogel.
The resignation agreement notes that the companys legal affairs committee, assisted by outside counsel, completed an investigation of the allegations contained in the OC-PIN lawsuit. The resignation agreement also states that nothing in the agreement should be construed as a finding by the company that Mogel committed any wrongdoing. As part of the agreement, Mogel admits to no wrongdoing. The company plans to continue to fight the OC-PIN litigation, according to the agreement.
Mogel will be a consultant to the company for four months after his resignation, at the same salary that he has been drawing from the company, $43,750 per month, plus another eight months of salary at the same rate after the consulting period, according to the agreement. Mogel also will be able to retain a BMW automobile and an Apple laptop computer that the company provided him during his employment, according to the agreement.
Mogel did not agree to an interview, but, in a statement, he said, I am making this move because I believe it is in the best interests of my family and the company I have come to respect and love so much. I will make the transition for a new CEO as seamless as possible and will do everything I can to ensure this company stays on its path toward long-term health. -- by Vince Galloro
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