The once-booming toxicology business struggled for years under declining revenue and huge debts before being acquired last year by a Texas private equity firm. Its Park Fletcher headquarters building remains empty.
Deep cuts in Medicare reimbursements and competition from a few huge national chains and walk-in labs are making it tougher for Indianapolis-based AIT and other toxicology labs to compete.
Michael Evans was juggling two companies and two newborn twins when his board of directors suggested it was time for a new CEO of AIT Laboratories. He was replaced by venture capitalist Matt Neff on Monday.
