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MOUNT LAUREL, N.J., Aug. 6 /PRNewswire-FirstCall/ -- MedQuist Inc.(Nasdaq: MEDQ) announces that the following members of MedQuist's board ofdirectors have resigned immediately prior to the closing of the stock purchaseagreement between Koninklijke Philips Electronics N.V. and CBaySystemsHoldings, in which Philips has sold its approximate 69.5% ownership interestin MedQuist to CBaySystems Holdings: Clement Revetti Jr., Edward Siegel,Gregory M. Sebasky and Scott M. Weisenhoff. They were replaced on the boardof directors by Robert Aquilina, Frank Baker, Peter Berger and MichaelSeedman. Additionally, Aquilina has been appointed chairman of the board ofdirectors.
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According to MedQuist interim president and CEO Mark Ivie, "We sincerelythank the outgoing board members for their service, and welcome theopportunity to work with CBaySystems Holdings' board designees to chart thefuture of our Company."
Robert M. Aquilina, 52, has served as an executive partner, a senioroperating consultant role, to S.A.C. Private Capital Group, LLC (SAC PCG)since 2007. Previously, he served as an industrial partner at RipplewoodHoldings LLC (Ripplewood), held the role of co-chairman of Flag Telecom GroupLtd., and was a board member of Japan Telecom Inc. Prior to these positions,he was a senior operating executive of AT&T Inc., with a 21-year career.
Frank Baker, 35, is a managing director and co-founder of SAC PCG. Priorto establishing SAC PCG in 2007, he was a managing director at Ripplewood andRHJ International, where he was responsible for making various private equityinvestments and taking RHJ International public on the Brussels StockExchange. He joined Ripplewood's New York office in 1999. Previously, hespent more than three years in investment banking at J.P. Morgan SecuritiesInc. and Goldman Sachs & Co.
Peter Berger, 57, is a managing director and co-founder of SAC PCG. From1995-1998 and 2000-2006, he was a founding member of Ripplewood and served asboth a managing director of Ripplewood and a special senior advisor to theboard of directors of RHJ International. Prior to joining Ripplewood, he wasa senior partner and global head of the Corporate Finance Group at ArthurAndersen & Co.
Michael Seedman, 51, is the founder of Seedman and Associates, a privateequity firm. He has served as an executive partner, a senior operatingconsultant role, to SAC PCG since 2007. He has more than 30 years of seniorexecutive management, leadership and technological innovation expertise andexperience. He was previously an industrial partner with Ripplewood, where heserved on the D&M Holdings Inc. board of directors.
About MedQuist:
MedQuist is the largest Medical Transcription Service Organization (MTSO)in the world, and a leader in technology-enabled clinical documentationworkflow. MedQuist's enterprise solutions -- including mobile voice capturedevices, speech recognition, Web-based workflow platforms, and global networkof medical editors -- help healthcare facilities improve patient care
