No bombshells expected in second-quarter resultsRadiopharmacy market leader Syncor International has shuffledits top management lineup after the surprise resignation of CEOGene McGrevin on July 1. COO Robert Funari was tapped to take
Radiopharmacy market leader Syncor International has shuffledits top management lineup after the surprise resignation of CEOGene McGrevin on July 1.
COO Robert Funari was tapped to take McGrevin's place as CEOof the Chatsworth, CA, firm. McGrevin's role as chairman and CEOof P.E.T.Net, a fledgling regional PET cyclotron joint venturebetween Syncor and CTI Services of Knoxville, TN, is being filledon an interim basis by Syncor CFO Michael Mikity.
With the exception of McGrevin's absence, the new lineup isnot all that different from changes set to take effect later thisyear (SCAN 1/31/96). Syncor founder and board chairman Monty Fuhad planned to become chairman emeritus, turning his job overto McGrevin, who was to be replaced as CEO by Funari. FollowingMcGrevin's resignation, Fu will continue as chairman while assuminga more active role in a multimillion-dollar effort to expand Syncor'soverseas radiopharmacy network, Funari said.
The reason for McGrevin's sudden exit is unclear. A July 3memo from Fu to Syncor employees mentioned only that McGrevinhad resigned to pursue other business opportunities.
Although declining to comment on why McGrevin resigned, Funarisaid in an interview with SCAN that Syncor's second-quarter financialreport, scheduled for release on July 25, will be consistent withthe firm's positive first-quarter results.
"There are no financial time bombs here," he said.
Funari was executive vice president and general manager ofthe drug division of McKesson, a $12 billion pharmaceutical distributioncompany in San Francisco, before McGrevin recruited him as COOin August 1993. Funari was also formerly president of Pharmaseal,a medical-products division of Baxter International.
Funari promised to stay the course by following strategic objectivesset last year. They led to the expansion of Syncor's PET radioisotopebusiness through P.E.T.Net and improved supplier relations, suchas deals completed earlier this year with Mallinckrodt Medicalin St. Louis and Amersham Healthcare/Medi-Physics in ArlingtonHeights, IL (SCAN 4/24/96 and 6/5/96).
"I see progress on both those fronts as well as the waveof new oncology products that we see coming toward nuclear medicine.We're bullish about the future," he said.