Vasomedical Inc.’s 100-year-old chairman has stepped down, the medical technology company announced.
Simon Srybnik, who served as chairman since June 2010, also resigned from the board of directors. The Plainview company appointed director Joshua Markowitz to succeed the centenarian.
Markowitz, 60, the brother-in-law of Srybnik, is senior partner in the Lawrenceville, New Jersey, law firm of Markowitz O’Donnell LLP. He has been a director since June 2015.
The change, which the company announced on Monday, was effective on Friday.
Simon Srybnik owned 7.5 percent of Vasomedical’s outstanding common stock, according to a government filing in July, making him the largest individual shareholder. Markowitz owned 0.2 percent of shares.
Srybnik, a Vasomedical director since June 2007, was named the company’s chairman emeritus after stepping down. His age is listed in public records and government filings by Vasomedical.
“It was Simon’s investment nine years ago as well as his continued involvement in Vasomedical that changed the company’s history,” president and chief executive Jun Ma said in a statement. Ma, 52, said the company would continue its diversification strategy.
On Tuesday, shares of Vasomedical fell 5.7 percent to close at 14.5 cents in over-the-counter trading. The stock is down more than 25 percent since the beginning of the year.
The company operates through subsidiaries that provide sales services for marketers of medical devices; network and IT services; telecommunications and internet services; and enhanced external counterpulsation devices for angina patients who use large inflated cuffs.
With Caroline Curtin