Callidus Capital Corp. Executive Chairman and CEO Newton Glassman will take a medical leave of absence, effective immediately.

He is undergoing further medical tests and examinations to confirm the extent and seriousness of his conditions. At minimum, Glassman is advised that he will require two significant operations on his lumbar spine, currently planned for the early fall 2018, followed by a period of intense rehabilitation and recuperation, according to a press release.

While investigating Glassman's lumbar spine, tests and examinations discovered significant issues with his cervical and thoracic spine that will require further analysis. The examinations also brought forward indications of a possible neurological disorder, which are also undergoing further analysis.

In view of this, his CEO duties have been re-assigned to the company's management team. Glassman intends to remain as executive chair and a director of Callidus. Furthermore, he has also committed to remain chair of the Callidus Credit Committee.

Glassman will remain in his role of managing partner of The Catalyst Capital Group Inc., which owns about 72% of the outstanding shares of Callidus.