Medical Asset Endures Its 2nd High-Level Resignation

Turbulence continued to rock Medical Asset Management Inc.’s executive ranks this week as the physician practice management company announced that one of its founders resigned as chairman, president and chief executive officer.

The Laguna Hills company said Tuesday that John W. Regan’s resignation was effective immediately. He also is the company’s largest shareholder.

Dennis Calvert, former vice president of operations, will serve as president, chief executive and board chairman until further notice, the company said.

Medical Asset had begun searching for a new chief executive last fall but said at the time that Regan would probably stay on as chairman.

This is the second top-level change at the company in the last six weeks. In late December, Medical Asset announced the departure of Chief Financial Officer Clarke Underwood.

The company also announced Tuesday that 11 practices have terminated agreements with Medical Asset over the last five months while the company has entered into five new long-term agreements during that same period.

Last month, the company announced that its third-quarter net loss had widened to $2.9 million, or 18 cents a share, from $836,000, or 6 cents a share, a year ago. Revenue rose $3.3 million from $2.7 million.

The stock, which once traded at $8.50 a share, closed Wednesday at 34 cents a share, down 1 cent, in over-the-counter trading.