iSoft CEO quits following major losses

Following big corporate losses for the fiscal year that ended June 30, Gary Cohen has stepped down as CEO of Australia-based global health IT vendor iSoft Group.

iSoft posted a loss of 383 million Australian dollars ($348.6 million) for fiscal year 2010, on just A$431 million ($392.3 million) in revenue, E-Health Insider reports. The revenue total represents a year-over-year decline of 20 percent. Earnings before interest, tax, depreciation and amortization plummeted by 77 percent. The company's shares, which trade on the Australian Stock Exchange, have lost 80 percent of their value this year and now are worth far less than a dollar each.

iSoft, which is a big player in the UK National Health Service's National Programme for IT, earns 49 percent of its revenue from Britain. Another 24 percent of revenue comes from other European countries.

Chief Operating Officer Andrea Fiumicelli has taken over as interim CEO. In June, Cohen lost his position as chairman to Richard Moran. Despite the demotion, Cohen "will assist the board in evaluating its strategic options," according to E-Health Insider.

There is no word on whether the turmoil will affect iSoft's role in the massive UK health IT program.

For further details:
- take a look at this E-Health Insider story

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