NextGen Healthcare, a provider of IT, software and related services for outpatient healthcare practices, moved its HQ designation from Irvine to Atlanta earlier this year, not long after it listed a portion of its former corporate office near John Wayne Airport for sublease.
The $1 billion-valued company (Nasdaq: NXGN) is still making local waves, with a very public proxy fight being waged among several area execs.
Chairman Emeritus and Laguna Beach resident Sheldon Razin, who founded and previously served as CEO of predecessor company Quality Systems Inc., last month kicked off attempts at shaking up the firm’s board, with a flurry of press announcements airing a variety of grievances.
Razin and his allies, which control some 15% of NextGen’s shares, accuse Chairman Jeffrey Margolis and others on the board of establishing an “imperial boardroom culture” whose actions have thwarted high-level debate and led to an underperforming stock in recent years.
Along with targeting Margolis—an OC local who also serves on the board of Orange’s Alignment Healthcare (Nasdaq: ALHC), and is a director of Hoag Hospital and Chair of the Hoag Clinic in Newport Beach—Razin’s looking to replace other OC NextGen board members, including Craig Barbarosh, a partner in the local office of Katten Muchin Rosenman LLP.
The company released a blistering reply to Razin—who’s made prior editions of our OC’s Wealthiest list—saying the founder’s merely looking to advance his own interests and preserve his seat “forever.”
“Shareholders should remember: When Sheldon Razin’s role as board chair concluded, NextGen Healthcare was a deteriorating business with unproductive R&D; investments and a disenfranchised customer base,” the company said in a late August statement.
The company’s on the lookout for a new CEO, Rusty Frantz stepped down from the post shortly after the corporate move to Atlanta. He’d been in the position six years.
For more on the fight, see next week’s print edition.
Congrats are in order for several long-time members of the Business Journal family.
Philanthropy reporter Kim Haman’s byline isn’t on this week’s OC Philanthropy stand-alone publication that comes with this week’s edition. Instead it’s Kim Stemper. She and First Foundation Managing Director Jack Stemper tied the knot a few months ago at Giracci Vineyards in Santiago Canyon.
All 60 guests were vaccinated, and party favors included hand sanitizer, she notes.
Senior Account Manager Corinne Dekker is now Corinne Dekker Ryan; she and husband and former OC Register sales exec Patrick tied the knot late last month at the Graceland Chapel in Las Vegas.
Elvis made a quick appearance after the ceremony, before leaving the building, she said.
And by the time readers get this edition, Richard and Jennifer Day Reisman will be newlyweds, with a small ceremony along the beach of Emerald Bay taking place on Friday, Sept. 3.
