Quality Systems, Inc. QSII (NASDAQ), the software firm designed to auto
mate medical and dental practices, announced the unexpected resignation of its long-time CEO and president, Louis Siverman. Silverman was orginally appointed to his position at the firm back on July 31, 2000. Silverman joined Quality Systems from the outside. Prior to his appointment, he was the Chief Operations Officer of CorVel Corporation, a publicly traded national managed care services and technology firm. Under Silverman, Quality Systems has thrived. When he first came aboard the company stock was trading below $5 per share. Today the stock trades at approximately $30 per share. The company’s last quarter was quite successful and demonstrated conmtinue revenue growth.
Quality Systems in making the resignation announcement, indicated the firm planned to begin its search for Silverman’s replacement immediately. Silverman is only 49 years of age. Why is he leaving the firm now, especially when all indicators are pointing in a positive direction? There is really very little explanation behind the announcement. It may be simple or may not. Make sure you keep a close eye on the firm as we move throught the summer months. Silverman’s resignation takes place officially on August 16, 2008. The company hopes to have a candidate to replace Silverman by the time his resignation goes into effect.
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