BSD Medical Corp. (NSDQ:BSDM) said it decided to part ways with CEO Clint Carnell as it winds down a Chapter 11 bankruptcy.
The company, which retook the BSD Medical moniker after selling all of its Perseon Medical business – including the name – to MedLink Technologies for $4.4 million last month.
“In an effort to reduce administrative expenses, the board of directors of the company decided it is in the best interest of the company’s creditors and the bankruptcy estate to terminate the employment of Clinton Carnell Jr. as president & chief executive officer of the company as of Sept. 8, 2016, and the company has filed a motion with the Bankruptcy Court to reject Mr. Carnell’s employment agreement,” BSD said in a regulatory filing. “Following the closing of the asset sale, the company is focusing its efforts on liquidating its remaining assets and developing and seeking Bankruptcy Court approval of a Chapter 11 plan.”
BSD also said it named chairman Timothy McQuay president. Read more
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