Overview of the Departure
On Friday, Teladoc Health announced the sudden departure of CEO Jason Gorevic, who is stepping down from his role effective immediately, as stated in a release.
Leadership Transition
The company's board of directors has appointed CFO Mala Murthy as the interim CEO while initiating a search for a permanent successor through an executive search firm.
Market Response and Performance
Shares of Teladoc experienced minimal movement in premarket trading on Friday but have declined approximately 34% year-to-date. The stock has also seen a significant drop of about 95% from its peak of $294.54 in February 2021 to around $14 as of Friday, reaching a level not seen in nearly eight years.
Chairman's Statement
"We thank Jason for his significant contributions during his 15-year tenure leading Teladoc Health. We wish him success in his future endeavors," stated David Snow, Jr., chairman of the Teladoc board.
About Teladoc Health
Teladoc is a virtual health-care company specializing in telehealth appointments with doctors, therapists, and specialists. Gorevic, who joined as CEO in 2009, navigated Teladoc through the challenges of the global Covid-19 pandemic, emphasizing a virtual healthcare approach.
Interim CEO's Focus
Mala Murthy, who has been leading Teladoc's finance organization since 2019, emphasized her commitment to honoring the company's commitments to clients and members while ensuring operational efficiency.
Board's Reaffirmation
The board reaffirmed Teladoc's alignment with its guidance for the first quarter and full year, without providing further details regarding the reason behind Gorevic's departure.
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