New Board Elected for Quality Systems
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Shareholders of Tustin-based Quality Systems Inc. on Friday voted, as expected, to replace the board of directors with the exception of company founder and Chief Executive Sheldon Razin.
The developer of medical information-management systems last month agreed to replace the board and change corporate governance to appease shareholders who have been critical of the company’s management and sluggish stock performance.
The new seven-member board will continue to be led by Razin, who founded the company in 1974, and consist of three representatives endorsed by investor Ahmed Hussein, who owns 18.5% of the company, and one selected by Lawndale Capital, a 10% shareholder. The two other members, William Small and Frank Meyer, were nominated by the previous board.
Quality Systems shares fell 19 cents, or 3%, to $7, in Nasdaq trading Friday.
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