Fonar Corp (NSDQ:FONR) said yesterday it named Timothy Damadian, son of magnetic resonance scanning inventor and company founder Dr. Raymond Damadian, as its new president and CEO.
The younger Damadian worked with Fonar for 16 years, eventually becoming veep of operations. He formed Fonar subsidiary Health Management Corporation of America, which manages medial and diagnostic imaging offices. HMCA generated approximately $40 million in revenue, Fonar said.
“As far as I’m concerned, making Tim the president and CEO of Fonar will be a seamless transition. For all practical purposes he and his management team have been providing Fonar with the vision, direction, and management skills accounting for Fonar’s success over the past six years. He’s also been heavily involved with development of Fonar technology, where his keen understanding of the MRI marketplace and the needs and trends of MRI practitioners has been invaluable in helping me to guide the company’s R&D program. Tim is the perfect fit to ensure Fonar’s success for years to come,” former CEO Dr. Damadian said in a press release.
Timothy Damadian left Fonar and formed Integrity Healthcare Management in 2001, which was sold to Health Diagnostics in 2007. Damadian returned to Fonar as a consultant in 2010.
Former CEO and founder Dr. Damadian will remain with the company as board chair, the Melville, N.Y.-based company said.
“It is, of course, a great honor that my father has entrusted me with this responsibility. As we all know, Dr. Damadian founded this company and has tirelessly devoted himself to it for nearly 40 years. I’m delighted that he remains chairman of the board and will continue to concentrate on R&D, develop exciting and innovative new products, and advance the industry with indispensible MRI applications. Over all those years, his genius and passion for science and technology is as vibrant as it was back in 1971 when he conceived the idea of an MR scanner that could scan the human body. Then, in 1977, he built the very first whole-body MR scanner, which, in July of that year, produced the first human MR image,” CEO Timothy Damadian said in prepared remarks.
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