Jason Gorevic, CEO of Teladoc
Scott Mlyn | CNBC
Teladoc Health On Friday it announced the sudden departure of CEO Jason Gorevic, who will step down as a director of the company effective immediately, according to a statement.
The company's board of directors temporarily named Mala Murthy, chief financial officer, as Gorevic's replacement and hired an executive search firm to determine a permanent successor.
Teladoc shares closed up more than 1% on Friday, but are down about 33% so far this year. The stock has also fallen about 95% from a high of $294.54 in February 2021 to around $14 on Friday, a level it hasn't traded at in about eight years.
Teladoc Stock Chart
“We thank Jason for his many accomplishments and contributions during the 15 years he led Teladoc Health. We wish him success in his future endeavors,” David Snow Jr., chairman of Teladoc's board of directors, said in the statement.
Teladoc is a virtual healthcare company that offers telehealth appointments with doctors, therapists, and specialists.
Gorevic joined the company as CEO in 2009, leading Teladoc through the Covid-19 pandemic that left most healthcare providers struggling to adapt to a virtual format.
“I am proud of the impact we have had on the health system and our many accomplishments in advancing innovation and transforming virtual healthcare from an unrealized promise to a valued reality for our 90 million members,” he said. Gorevic told CNBC in a statement.
Murthy has led Teladoc's financial organization since 2019. He previously held executive positions at American Express and PepsiCo. Murthy said in a letter to employees Friday that she is focused on meeting Teladoc's commitments to customers and members and ensuring “the company continues to operate effectively.”
Teladoc's board of directors reaffirmed that the company is on track to meet its first quarter and full-year goals. He did not share any further details about the reason for Gorevic's departure.
The company did not offer any additional comment.
