Medicsight shuffles execs

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Medicsight, a subsidiary of MGT Capital Investments and a developer of computer-aided detection (CAD) and image analysis software,  has restructured its management team, effective March 19.

The New York City-based company said Allan Rowley, currently chief financial officer (CFO), has become CEO; David Sumner, currently CEO, has become executive chairman; and Tim Paterson-Brown has become a non-executive director of Medicsight. Paterson-Brown will remain as chairman and CEO of MGT Capital Investments.

As CEO, Rowley will drive a revised plan focused on increasing revenues from existing products and streamlining all areas of the business, which "will be an ongoing process throughout the year," the company said. He will also take charge of the financial and operational performance.

Rowley has been CFO of Medicsight since 2006. Previously he worked for ComMedica Limited, a medical software company specializing in PACS software. Before joining ComMedica, Rowley was revenue controller and the director of European Finance at Bea Systems, a Nasdaq-listed software company. Allan has several years of experience in public accounting in the United Kingdom and United States with Arthur Andersen and Ernst & Young, respectively.

The company said Rowley will be supported by Troy Robinson who has been promoted to CFO, although this is not initially a board position. Robinson joined Medicsight in February 2007 as group financial controller. Prior to this he was the finance manager for Ivax Pharmaceuticals and HP Foods.

As executive chairman, Medicsight said that Sumner will determine its overall strategy, and will ensure that the strategy is agreed and implemented. In addition, he will lead the promotion of best practice and the highest standards of corporate governance.

"We see 2009 as a pivotal year for the company with the expected U.S. and Japanese regulatory approvals around the corner," Sumner said.