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Fonar founder hands reins over to son

This article was originally published in Clinica

Executive Summary

Fonar, the company said to have introduced the world’s first commercial magnetic resonance imaging scanner in 1980, will see Timothy Damadian take over from his father and founder of the company, Raymond Damadian, as president and CEO, effective Feb. 11. Damadian Jnr began his career at Fonar aged 21, in 1985, installing magnets, shilded rooms and electronics. He stayed at the company for16 years, during which he worked his way up to vice-president of operations. He left and went on to establish and run a couple of companies specializing in the management of medical diagnostic imaging offices. He returned to Fonar as a consultant in 2010. His father, Damadian Snr, will remain as chairman. For fiscal 2015, ended June 30, 2015, the Melville, New York firm posted revenue of $69m (+1%) and net income of $15.4m (+15%).

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