Serviscope's Southard to step down
Serviscope president and CEODonald J. Southard will be leaving the independent service organizationas part of a move to refocus the company's direction. Also leavingthe Wallingford, CT, company is vice president Robert Cate. Serviscope expanded rapidly
Serviscope president and CEODonald J. Southard will be leaving the independent service organizationas part of a move to refocus the company's direction. Also leavingthe Wallingford, CT, company is vice president Robert Cate.
Serviscope expanded rapidly under Southard's tenure but hasconsumed cash almost as quickly, requiring several rounds of privateequity financing. Serviscope hopes that a change at the top willstrengthen the financial management of the company, accordingto Emile Geisenheimer, the company's chairman and a general partnerof Nazem & Co., a venture capital firm that holds a majoritystake in Serviscope.
"The company has grown dramatically over the last severalyears," Geisenheimer said. "Don has done a terrificjob in the sales and marketing arena, but we need to add strengthin (financial management)."
Serviscope has grown from four customers in 1990 to 630 lastyear. The company's revenues have risen accordingly, increasingfrom $100,000 in its first year to $13 million in 1993 (end-September).Serviscope is on a pace to bring in $20 million this year, andthe ISO turned profitable in the first quarter of 1994, accordingto Geisenheimer.
Southard joined Serviscope in 1991 after working for OEMs Philipsand Toshiba (SCAN 12/25/91). He will remain on Serviscope's boardof directors and will provide consulting to the ISO, accordingto Geisenheimer, who is also a former Philips medical executive.
Serviscope is negotiating with an unnamed medical imaging managerto take over the top spot, Geisenheimer said.
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