Trucept Inc. (OTC Pink: TREP), a professional employer organization that also provides healthcare staffing, announced CEO Brian Bonar is retiring. The company plans immediately to search for his replacement by Dec. 31.

Bonar has served as chairman and CEO since June 2011, according to his LinkedIn profile.

Separately, the company on Tuesday reported third-quarter net profit rose 23% from the second quarter to approximately $84,000. Bonar said management has reduced operating expenses by almost 50% from the same period in 2015 and will continue to examine bad debt reserves.

“We anticipate maintaining steady sales growth, selling more profitable products and offerings,” Bonar said.

Bonar said the company continues to focus on profitability rather than sales growth, and fully anticipates further reductions in accrued liabilities and forecasting a profitable year’s end.

Trucept also operates the Solvis brand of staffing in Michigan and California.