PURCHASE, NY - In an unexpected corporate shift, Teladoc (NYSE:TDOC) Health, Inc. (NYSE: TDOC) announced today the immediate departure of its long-serving Chief Executive Officer, Jason Gorevic. The provider of virtual healthcare services has appointed its Chief Financial Officer, Mala Murthy, as the acting CEO while the company embarks on a search for Gorevic's permanent successor.
The Board of Directors has expressed gratitude to Gorevic for his 15 years of leadership, acknowledging his contributions to the company's growth. David B. Snow, Jr., Chairman of the Teladoc Health Board, commented on the transition, stating their belief that this change will steer the company towards sustained success and value creation.
Murthy, who has been with Teladoc Health since 2019, will retain her CFO responsibilities during the interim period. Her prior experience includes significant roles at American Express (NYSE:AXP) and PepsiCo (NASDAQ:PEP), where she was recognized for her strategic and financial acumen. Murthy's educational background includes degrees from Jadavpur University, the Indian Institute of Management, and the Yale School of Management.
Concurrent with the leadership announcement, Teladoc Health reaffirmed its financial guidance for the first quarter and the full year of 2024, signaling stability in its business outlook.
Teladoc Health, a company that champions a whole-person approach to virtual care, continues to focus on delivering improved health outcomes through its technology and services. The company, which has been a pioneer in the virtual healthcare space for over two decades, remains committed to its mission of empowering people to lead healthier lives.
As the search for a new CEO commences, the company has enlisted the services of an executive search firm to consider both internal and external candidates. This announcement is based on a press release statement from Teladoc Health, Inc.
InvestingPro Insights
In the wake of Teladoc Health's CEO departure and the appointment of Mala Murthy as acting CEO, investors and industry observers are closely monitoring the company's financial health and stock performance. According to InvestingPro data, Teladoc Health has a market capitalization of approximately $2.38 billion. Despite reaffirming its financial guidance, the company's stock has been under pressure, trading near its 52-week low, which aligns with an InvestingPro Tip that suggests the stock is currently in oversold territory.
InvestingPro data also reveals that Teladoc Health's revenue growth has been modest, with an 8.13% increase over the last twelve months as of Q4 2023. However, the company's profitability challenges are evident, with an adjusted P/E ratio of -12.84, indicating that analysts do not anticipate the company will be profitable this year, which is another critical InvestingPro Tip to consider.
For investors seeking a deeper analysis of Teladoc Health's financials and future prospects, there are additional InvestingPro Tips available that could provide valuable insights. These include the company's valuation implications, analyst earnings revisions, and liquidity position. For those interested in these insights, there are 9 more InvestingPro Tips available for Teladoc Health at https://www.investing.com/pro/TDOC. To access these tips and the comprehensive data offered by InvestingPro, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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