- Push-out Score determined
- After 21 years in the position
- Praise and thanks for Bush
- Responsibilities redistributed
- Search for a successor
- Bush spoke at length and said 105 words
(exechange) — Watertown, Massachusetts, June 6, 2018 — Jonathan Bush, chief executive of Athenahealth, leaves. It is an abrupt change. As announced by Athenahealth, Inc. in a news release and in a regulatory filing published on Wednesday, June 6, 2018, Jonathan S. Bush leaves his post as Chief Executive Officer at the health-technology company after 21 years in the role, effective immediately.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.4 years, according to data compiled by exechange. Only 10 percent of the CEOs who departed over the past 12 months left the position after more than 20 years.
Bush’s move comes four months after Jeffrey R. Immelt took over as Chairman of Athenahealth, Inc.
Athenahealth will undertake a search for a successor.
The position of Chief Executive Officer is currently not filled. For the time being, Jonathan Bush’s responsibilities are redistributed.
A reason for Bush’s sudden departure from the CEO post was not explicitly given. Athenahealth said: “Athenahealth … today announced that its Board of Directors has initiated a process to explore strategic alternatives. As part of this process, the Board will consider a sale, merger or other transaction involving the Company as well as continuing as an independent company.”
Precise information about Bush’s future plans was not immediately available.
Athenahealth said: “Jonathan Bush has stepped down as President, Chief Executive Officer and as a member of the Athenahealth Board, effective immediately.”
Share price decline
The change follows a decline in the share price of Athenahealth, Inc. since February 2014.
Chaired by Jeffrey R. Immelt
Athenahealth, Inc. is chaired by Jeffrey R. Immelt.
Jeff Immelt has served as Chairman of the Company’s Board of Directors since February 2018. Immelt served as chairman and chief executive officer of General Electric, or GE, from 2001 to 2017.
In the position of CEO since 1997
Jonathan Bush has served as the Company’s Chief Executive Officer, President, and a member of the Board of Directors since he co-founded Athenahealth in 1997.
Bush also served as the Company’s Chairman of the Board of Directors from 1997 to February 2018. Prior to forming Athenahealth, Bush served as an emergency medical technician for the City of New Orleans, trained as a medic in the U.S. Army, and worked as a management consultant with Booz Allen & Hamilton, a provider of management and technology consulting services to the United States government.
Bush received his B.A. in the College of Social Studies from Wesleyan University and his M.B.A. from Harvard Business School.
Bush is a nephew of former President George H.W. Bush.
Push-out Score determined
The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.
Read the full story in the exechange report 24.2018 ($).