President & CEO of athenahealth steps down with immediate effect

Leading provider of network-enabled services for hospital and ambulatory customers, athenahealth, has announced that President & CEO Jonathan Bush is to step down with immediate effect. The athenahealth board is now set to look at identifying qualified candidates.

The company’s Board of Directors is also set to explore strategic alternatives, including a sale, merger or further transaction.

Recent processes will therefore support the company’s operations as it works to ensure that

Jeff Immelt, Chairman of athenahealth, can assume greater operational responsibilities in his new appointment as Executive Chairman. Marc Levine, Executive Vice President, Chief Financial Officer, Chief Accounting Officer and Treasurer will also work to gain further oversight of the business.

Amy Abernethy, M.D., Ph.D., will also be advising the Executive Leadership Team on data strategy within her role as a director.

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"athenahealth is the most universally connected healthcare network in the country, and we believe there remains significant, unrealised value in the company.  To ensure athenahealth maximises shareholder value and is best positioned to realise the full potential of its premier healthcare technology platform, the Board has authorised a thorough evaluation of strategic alternatives, including a potential sale or merger or continuing as an independent company under new leadership,” explained Immelt.

“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."

“The Board and Jonathan agree that this change in leadership is appropriate as athenahealth turns to its next chapter," he added.

Lazard and Centerview Partners will act as the Company's financial advisors, and Weil, Gotshal & Manges LLP is legal counsel to the Company.