Former GE CEO Jeff Immelt Named Chairman of Athenahealth -- Update
February 07 2018 - 6:23PM
Dow Jones News
By Melanie Evans
Jeff Immelt, former chief executive of General Electric Co., has
been named chairman of health care cloud-based software company
Athenahealth Inc.
Mr. Immelt, 61, succeeds Jonathan Bush as chairman. Mr. Bush
will continue to serve as chief executive, a split in his role
first announced last year.
Mr. Immelt will receive about $400,000 in cash and stock in
2018, according to an Athenahealth filing with the Securities and
Exchange Commission. Mr. Immelt also said he plans to buy $1
million of the company's stock.
The appointment is not the first for Mr. Immelt since his
departure last year from GE, where he spent 16 years as CEO.
Earlier this month, New Enterprise Associates Inc. announced Mr.
Immelt joined the venture-capital firm as a venture partner, where
he will work with health care and technology companies. He will
also teach at Stanford University.
Mr. Immelt steps into a shake-up under way at Athenahealth after
activist investor Elliott Management Corp. bought up shares in the
company last year. Based in Watertown, Mass., Athenahealth sells
software for medical records, billing, care management and other
uses. Its customers include physician groups and hospitals. The
company ended last year with net income of $53.1 million on revenue
of $1.2 billion.
In an interview, Mr. Immelt said he will help shape
Athenahealth's strategy and work with the board and management on
execution.
Mr. Bush, 48, said Mr. Immelt brings valuable experience with
health care, technology and corporate growth as the company seeks a
disciplined approach to its future development. Athenahealth
announced plans last August to squeeze $100 million from its
costs.
Mr. Immelt departed GE last year as the conglomerate's stock
conspicuously sat out a broader market rally. GE's new chief
executive has announced belt-tightening and a possible breakup of
its major divisions, which include health care.
Mr. Immelt was a candidate for the top role at Uber Technologies
Inc., a job that eventually went to Expedia Inc. Chief Executive
Dara Khosrowshahi .
Mr. Bush announced last year he will also relinquish his role as
Athenahealth's president. A search for a new president is under
way.
Write to Melanie Evans at Melanie.Evans@wsj.com
(END) Dow Jones Newswires
February 07, 2018 18:08 ET (23:08 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Mar 2024 to Apr 2024
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Apr 2023 to Apr 2024