Digirad Corporation (DRAD) Plans Executive Shuffle, Layoffs and Restructuring for Diagnostic Imaging
3/7/2013 8:56:15 AM
Diagnostic imaging company Digirad Corp. names a new president & CEO, restructures its primary business and warns of an undefined number of layoffs. Diagnostics imaging devices maker Digirad Corp.(NSDQ:DRAD) announced some big changes for its primary business, as well as an executive shift and a number of layoffs. The company hopes to "reduce costs and to focus on maximizing cash flow," and expects to complete restructuring efforts by the end of this year, according to a recent regulatory filing. Those efforts will include an undisclosed number of layoffs and a new CEO. Current Digirad Corp. president & CEO Todd Clyde will vacate the corner office, fully effective July 1, 2013, to be replaced by Matthew Molchan, who has served as president for Digirad Imaging Solutions since January 2012. Clyde will stay on as CEO until the end of June to help smooth the transition while the company undergoes its restructuring, Clyde told investors during a conference call last week. Molchan has already gained the president title as of late last month.
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