Jason Gorevic, CEO, Teladoc
Scott Mill | CNBC
Traddock Health The sudden departure of CEO Jason Gorevic was announced on Friday and he will step down as head of the company effective immediately, according to reports. freed.
The company’s board has temporarily appointed Chief Financial Officer Mala Murthy to replace Gorevic and hired a search firm to identify a permanent successor.
Teladoc’s shares were essentially flat in premarket trading Friday, but are down about 34% year to date. The stock is also down about 95% from its February 2021 high of $294.54 to about $14 as of Friday, a level it hasn’t traded at in about eight years.
Teladoc Stock Chart
“We are grateful for Jason’s many accomplishments and contributions during his 15 years leading Teladoc Health,” David Snow, Jr., chairman of Teladoc’s board of directors, said in the release. “We wish him success in his future endeavors.”
Teladoc is a virtual healthcare company that provides telemedicine appointments with doctors, therapists and specialists. Gorevic, who joined the company as CEO in 2009, led Teladoc through the global Covid-19 pandemic, when most healthcare providers were scrambling to adapt to a virtual format.
Murthy has led Teladoc’s finance organization since 2019.She was previously in American Express and Pepsi. In a letter to employees on Friday, Murthy said her focus is on delivering on the company’s commitments to customers and members and ensuring “the company continues to operate effectively.”
Teladoc’s board of directors reiterated that the company expects to meet its first-quarter and full-year guidance. It did not reveal any other details about the reasons for Gorevich’s departure.
The company did not provide any additional comment.
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