Mednax continues its C-suite shake-up with chief financial officer’s ouster

Imaging giant Mednax is continuing to shake up its leadership team, announcing the departure of Chief Financial Officer Stephen Farber on Tuesday.

The move comes a little more than a month after the Florida firm announced the retirement of longtime CEO Roger Medel, MD, a change that Mednax labeled as a “termination without cause.” In a filing with the Securities and Exchange Commission this week, the company labeled Farber’s departure the same but with “good reason,” because of the changeover in leadership.

“On behalf of the company and the board of directors, we want to thank Stephen for his many contributions during a period of significant transformation over the last two years,” new CEO Mark Ordan and chairman Guy Sansone said in a joint statement issued Aug. 25.

Farber, who joined Mednax in 2018, stands to collect severance under terms spelled out in his employment agreement. Meanwhile, C. Marc Richards will slide into the role of executive VP and CFO. He brings with him an “extensive” background in corporate finance and more than 20 years of experience in senior-level positions. That includes recently serving as CFO at Quality Care Properties—a publicly traded long-term care real estate firm, which merged with Welltower—alongside Ordan before he joined Mednax.

Richards, 49, will assume the EVP role on Sept. 8 and CFO spot on Oct. 1, according to the SEC filing. He stands to earn an annual base salary of $500,000 and will be eligible for an annual performance bonus.

“I am excited to join an organization with such an important mission and place in the healthcare industry,” Richards added in the statement.

The moves comes as Mednax plans to sell off its radiology business line to focus on its core businesses in pediatrics and obstetrics.