athenahealth, Inc., a provider of network-enabled services for hospital and ambulatory customers nationwide, has announced that Jonathan Bush has stepped down as President, Chief Executive Officer and as a member of the athenahealth Board, effective immediately.
The Board of Directors has initiated a process to explore strategic alternatives. As part of this process, the Board will consider a sale, merger or other transaction involving the Company as well as continuing as an independent company.
Accordingly, in parallel to having discussions with third parties regarding a potential business combination, the athenahealth Board has initiated a search process to identify qualified CEO candidates. The Board’s strategic exploration process is designed to maximize shareholder value and better position athenahealth to capitalize on its premier healthcare technology platform.
To support the Company’s operations and ensure a smooth transition as the Board conducts its strategic review, Jeff Immelt, Chairman of athenahealth, has been appointed Executive Chairman, Marc Levine, Executive Vice President, Chief Financial Officer, Chief Accounting Officer and Treasurer, will assume greater day-to-day operational responsibilities and oversight, and current Board member Amy Abernethy, M.D., Ph.D., will be advising the Executive Leadership Team on data strategy within her role as a director.
Mr. Immelt said, “athenahealth is the most universally connected healthcare network in the country, and we believe there remains significant, unrealized value in the Company. To ensure athenahealth maximizes shareholder value and is best positioned to realize the full potential of its premier healthcare technology platform, the Board has authorized a thorough evaluation of strategic alternatives, including a potential sale or merger or continuing as an independent company under new leadership. We approach this process with an open mind and a commitment to continuing to strengthen the company – including its rich data asset, platform strategy, and culture of innovation. We are fully focused on serving the best interests of our shareholders, employees and clients.”
Mr. Immelt continued, “On behalf of the Board, I want to thank Jonathan for guiding athenahealth to this point and for building an incredible team which is deeply focused on our clients and on driving disruptive, positive change across the healthcare industry. The Board and Jonathan agree that this change in leadership is appropriate as athenahealth turns to its next chapter.”
Mr. Bush said, “I believe that working for something larger than yourself is the greatest thing a human can do. A family, a cause, a company, a country—these things give shape and purpose to an otherwise mechanical and brief human existence. athenahealth is a near once in a life time example of such a thing. With that lens on, it’s easy for me to see that the very things that made me useful to the Company and cause in these past twenty-one years, are now exactly the things that are in the way. I cannot imagine a single organization more loaded with potential to transform healthcare.”
Read the athenahealth release