ADAC names interim CFO

As it struggles to cope with accounting irregularities, ADAC Laboratories of Milpitas, CA, announced a replacement for its chief financial officer, Andre Simone. Effective this month, Robert Bunje will serve as ADAC’s interim CFO while the company searches for a permanent replacement. Bunje brings to the position 25 years of experience as a partner at Deloitte & Touche, where he served before his retirement in 1994 as managing director for the company’s international merger and acquisition services division. Simone will continue to serve as a consultant to ADAC, the company said.

The news of Simone’s departure from the CFO post comes in the midst of ADAC’s struggle with accounting problems: Late last year, ADAC announced that it would have to restate revenues for the past three years (SCAN 5/26/99). On May 19, just days before the company announced Bunje’s appointment to the interim CFO post, ADAC reported that it would delay the release of its second quarter (end-April) financial results as it determines whether to establish additional reserves.

In other ADAC news, former chief executive David Lowe severed his last ties with the company when he relinquished his seat on the vendor’s board late last month. Lowe helped transform ADAC from a struggling company into the market-share leader in nuclear medicine. He resigned his board seat to devote more time to the private investment firm he co-founded.

© 1999 Miller Freeman, Inc.All rights reserved.

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