The administrators of Teladoc Well being Inc. have picked a veteran Guidewell govt to be the brand new CEO of the Buy, New York-based digital care large.
Chuck Divita took the helm at Teladoc June 10, when he additionally joined the board of the corporate that employs about 5,600 individuals and final yr rang up revenues of $2.6 billion. Divita assumed the reins from interim CEO Mala Murthy, who took over from former boss Jason Gorevic in April and can stay Teladoc’s CFO.
Divita, 55, involves Teladoc from GuideWell, the holding firm for the Blue Cross Blue Protect insurance coverage corporations in Florida and Puerto Rico in addition to different ventures that mixed serve greater than 38 million individuals throughout the nation. He joined Guidewell in late 2011 as Florida Blue’s chief accounting officer and in early 2014 was named CFO of the holding firm. 4 and a half years later, he was promoted to govt vice chairman of the enterprise’s industrial markets companies, which produces about $23 billion in income yearly.
Earlier than his time with Guidewell, Divita rose by the manager ranks of publicly traded property & casualty insurer FPIC Insurance coverage Group Inc., culminating in being its CFO from 2006 to 2011.
“We’re assured we’ve chosen an revolutionary and visionary chief able to delivering progress at scale, worth for our shoppers and constructive relationships with all our companions and colleagues,” Teladoc board Chairman David Snow Jr. mentioned in an announcement. “His mixture of enormous healthcare firm and public-company expertise make him an incredible asset.”
Divita — who’s being paid an $800,000 wage and acquired inventory incentives with a goal worth of $15 million — will look to get Teladoc again on observe when it comes to progress and profitability. The corporate misplaced practically $82 million within the first quarter (and $220 million in 2023) as advertising prices have climbed, continual care efforts haven’t produced the promised outcomes and progress in behavioral providers has slowed. Murthy in late April mentioned she was seeking to worldwide markets to supply a raise for the BetterHelp behavioral enterprise.
“Teladoc Well being has been profitable at securing a number one place within the market,” Divita mentioned. “I stay up for working carefully with my new colleagues to construct upon this basis, advance key strategic priorities and make sure the firm is positioned for long-term, sustainable success.”
Buyers’ response to Divita’s appointment has been decidedly ho-hum: Round noon June 13, shares of Teladoc (Ticker: TDOC) have been altering arms at $9.93, practically 7% under the place they closed the session earlier than administrators introduced their information. The corporate’s market capitalization is now about $1.7 billion, down from $2.4 billion when Gorevic exited.
