In Brief: Medical Graphics
This article was originally published in The Gray Sheet
Executive Summary
Medical Graphics: Appoints Glenn Taylor president and CEO effective immediately, the non-invasive cardiorespiratory diagnostic system firm announces March 26. Taylor, who formerly served as president and chief operating officer of Avecor Cardiovascular, takes over from interim CEO Mark Sheffert, who becomes chairman. Company Chairman Catherine Anderson leaves the firm, citing progress toward a turnaround. Cost-reduction programs recently initiated by the St. Paul, Minnesota company include cutting 50 employees, estimated to save $7 mil. annually. Steps taken to improve the firm's balance sheet also include a $1.5 mil. equity private placement, a $4.1 mil. credit facility and a $4.3 mil. vendor payment plan...