Teladoc CEO departs the company after stock’s 95% fall from 2021 highs

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105898567 1557264335182img 2317r

Jason Gorevic, CEO of Teladoc, has abruptly exited his role as the head of the company, as announced by Teladoc Health on Friday. The board of directors has appointed CFO Mala Murthy as the temporary replacement for Gorevic and has initiated a search for a permanent successor. Teladoc’s stock has seen a significant decline, down about 34% year-to-date and nearly 95% from its peak in February 2021.

Teladoc is a virtual healthcare company that provides telehealth services connecting patients with doctors, therapists, and specialists. Gorevic, who has been with the company since 2009, guided Teladoc through the challenges of the global Covid-19 pandemic. Murthy, who has been in charge of Teladoc’s financial operations since 2019, previously held executive roles at American Express and PepsiCo.

In a letter to employees, Murthy emphasized her commitment to maintaining the company’s operations and fulfilling its obligations to clients and members. Teladoc’s board has confirmed that the company is still on track to achieve its financial targets for the year, without providing specific details on the reasons for Gorevic’s departure. Teladoc has not made any further comments on the matter.

Teladoc Health announced that CEO Jason Gorevic is leaving his position, with CFO Mala Murthy taking over temporarily. The board has hired an executive search firm to find a permanent replacement. Teladoc’s stock has dropped significantly this year, down 34% year-to-date and 95% from its peak in February 2021. Gorevic led the company for 15 years and played a key role in navigating the shift to virtual healthcare during the Covid-19 pandemic. Murthy, who has been with Teladoc since 2019, is focused on ensuring the company continues to operate effectively. Teladoc’s board reaffirmed that the company is still on track to meet its financial guidance for the year.

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