08:43 AM EST, 11/28/2024 (MT Newswires) -- Medical Facilities ( MFCSF ) said on Thursday that Michael Gisser has stepped down as board chairman following the company's previously announced sale of Black Hills Surgical Hospital to Sanford Health.

After the sale, the board paid transaction bonuses to Gisser and CEO Jason Redman in addition to bonus allocations to other members of the management team. As a result of the bonus, the board said Gisser no longer satisfies the independence requirements set forth in National Instrument 52-110.

The board appointed Adina Storch as the new independent chair.

"I am very proud to have led the board over the past two years through a successful management transition and during the course of its change in strategic direction," Gisser said. "I look forward to continuing to serve on the board and supporting the corporation's execution of its business strategy."

Separately, the company renewed its normal course issuer bid (NCIB) that allows it to buy back up to 10% of the public float. The NCIB will start Dec. 1 and end Nov. 30, 2025.