athenahealth CFO Leaves Company, Acting CFO Named

athenahealth, the Watertown, Mass.-based provider of a cloud-based electronic health record (EHR) system, has announced that chief financial officer (CFO) Tim Adams will be leaving the company and Karl Stubelis, the current vice president and corporate controller, will serve as acting CFO, effective immediately.

Tim Adams has informed the company of his intention to step down as CFO after serving in the position for almost five years. In taking on the role of acting CFO, Stubelis will draw from more than 20 years of experience in finance and operations across various size companies, including Sapient. Adams will remain with the company through the end of May 2014, and has accepted a position as CFO of Demandware, a Burlington, Mass.-based on-demand digital commerce solutions provider.

"Tim has been a great partner and leader in helping to guide athenahealth through its past and current phases of growth. He set us up to operate incredibly efficiently over the years, leaving a strong team of accounting, business analysis, and investor relations experts who work seamlessly across all financial processes. I'm grateful for his many contributions, and while we're sad to see Tim leave, we're excited at the opportunity to find a new chief financial officer for athenahealth," Jonathan Bush, CEO, athenahealth, said in a statement. "As we progress forward with our current and future stages of growth, we'll look for a dynamic business and financial leader who can help us meet our revenue, growth, and profitability goals."