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June 06, 2018 12:00 AM

Athenahealth CEO Jonathan Bush exits company

Modern Healthcare
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    Athenahealth CEO Jonathan Bush has stepped down from the helm of the electronic health record system vendor effective immediately, the company said Wednesday.

    The move comes after several allegations came to light in recent weeks, including "numerous physical altercations" with his now ex-wife, a sexual harassment settlement and inappropriate behavior at an industry event.

    Athenahealth said in a statement that it is searching for CEO candidates. For now, Chief Financial Officer Marc Levine will take on additional leadership responsibilities. The company also named Jeff Immelt, former chairman and CEO of General Electric, as executive chairman.

    The EHR vendor's path forward is unclear. The board of directors will consider selling or merging the company as well as continuing operations independently. Elliott Management, which has a roughly 9% stake in Athenahealth, offered nearly $7 billion in May to purchase the company and has increased pressure on the board to accept the deal.

    "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," Immelt said in a statement. "We are fully focused on serving the best interests of our shareholders, employees and clients."

    Other investors—including Janus Henderson Group, which has a roughly 12% stake in Athenahealth—met with the Athenahealth board this month to urge a sale and to raise concerns about Athenahealth management's "execution of strategic initiatives."

    Athenahealth had a relatively rough first quarter in 2018, booking less business than the same period a year earlier. Bush attributed the drop-off to weak demand, but said the company was in a strong position to grow. It laid off about 9% of its workforce at the end of 2017.

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          • - Luminaries
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        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - AI and Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
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      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
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      • Sponsored Video Series - Checking In with Dan Peres
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