Monarch Medical PET Services removes CEO
May 16, 2013
by Loren Bonner
, DOTmed News Online Editor
Monarch Medical PET Services' board of managers officially announced the appointment of board member Gary Moyers as interim CEO.
Moyers stepped in on February 1, 2013, after Monarch Medical PET Services and its affiliate entities, including Monarch PET/CT, removed Michael Abboud from the position. According to the company, Abboud was terminated from his position as CEO and from the board of managers. It also discontinued the service agreement they had with Abboud's third party company, Monarch Medical Technologies LLC.
BC Technical is now the new equipment maintenance provider, according to Monarch Medical PET Services.
Abboud filed suit against the board in the Superior Court of New Jersey, Essex County, on February 12, 2013, according to Monarch Medical PET Services. The purpose of the suit was to block and reverse all three of the board's resolutions against Abboud. Last week a court judge denied Abboud's request. The case will continue.
DOTmed News reached out to Abboud for comment. His attorney, Jay Rice, responded in writing that: "Mr. Abboud remains a member of Monarch Medical PET Services. The acts of the other managers of Monarch Medical PET Services to terminate M. Abboud as CEO and Manager are a violation of law and a violation of the Parties' Agreement. The attempt by the other managers of Monarch Medical PET Services to terminate the service contracts with Monarch Medical Technologies is a violation of law and a violation of the Parties’ Agreements."
Rice also verified that these issues are now the subject of litigation which Abboud intends to "vigorously prosecute."