- Push-out Score determined
- After about six years in the position
- Praise, thanks and good wishes for Frantz
- Responsibilities redistributed
- Search for a successor
- Frantz said 107 words
(exechange) — Atlanta, Georgia, June 21, 2021 — Rusty Frantz, chief executive of NextGen, leaves — “a mutual separation.” As announced by NextGen Healthcare Inc. in a news release and in a regulatory filing published on Monday, June 21, 2021, John R. (Rusty) Frantz has left his post as chief executive officer at the provider of electronic health record software after about six years in the role, effective June 18, 2021.
NextGen will undertake a search for a successor.
Following Rusty Frantz’s departure, the position of Chief Executive Officer will not be filled for the time being. Rusty Frantz’s responsibilities are being redistributed.
“Emphasis on investments that drive sustainable growth at an increasing rate”
NextGen did not give an explicit reason for Rusty Frantz’s departure from the CEO post. Jeff Margolis, non-Executive Chairman of the Board, said: “NextGen Healthcare is well positioned for an exciting future. Our confidence is founded in the Company’s remarkable operational capabilities, rich history of delivering strong and innovative ambulatory health solutions, solid baseline of organic growth, new customer wins, ongoing profitability and strong balance sheet. An emphasis on investments that drive sustainable growth at an increasing rate – while maintaining our operational excellence – are go-forward priorities for the Company.”
Precise information regarding Rusty Frantz’s future plans was not immediately available.
“Will no longer serve”
NextGen said: “NextGen Healthcare, Inc. (Nasdaq: NXGN), a leading provider of ambulatory-focused technology solutions, today announced that the Company and Rusty Frantz have agreed to a mutual separation and that Mr. Frantz will no longer serve as President, Chief Executive Officer or a member of the NextGen Healthcare Board of Directors, effective immediately.”
NextGen further said: “Effective June 18, 2021, John R. “Rusty” Frantz (“Mr. Frantz”) is no longer serving as President and Chief Executive Officer of NextGen Healthcare, Inc. (the “Company”), and has resigned as a member on the Company’s Board of Directors (the “Board”).”
Share price decline since January 2021
The announcement follows a decline in NextGen Healthcare Inc.’s share price of 6% since January 2021.
Chaired by Jeffrey H. Margolis
Jeffrey H. Margolis has served as the Company’s Chairman of the Board since November 2015.
In the position of CEO since 2015
Rusty Frantz became CEO of the Company in 2015.
Frantz was appointed the Company’s President and Chief Executive Officer effective July 1, 2015.
Previously, he served as Senior Vice President and General Manager, Global Dispensing Division, of CareFusion Corp., a San Diego-based global corporation serving the health care industry, providing products and services that assist hospitals in improving the safety and quality of care, from 2011 until March 2015, when CareFusion was acquired by Becton, Dickinson and Company (BDX).
He also served from 2010 to 2011 as Vice President, Research and Development for CareFusion’s Pyxis business unit, from 2008 to 2010 as General Manager of CareFusion’s Pyxis Perioperative Solutions, and from 2007 to 2008 as CareFusion’s Vice President, Marketing, Supply Technologies.
Prior to his employment with CareFusion, Frantz served as Vice President, Marketing, at Cerfidia Solutions, Vice President, Marketing and Product Management, at Amphire Solutions, Co-Founder and Vice President, Engineering, at OutPurchase, and was the fifth employee hired by the founders of Omnicell (OMCL).
Frantz holds a Master of Science degree in engineering from Stanford University and a Bachelor of Science degree in engineering from the Maine Maritime Academy.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Rusty Frantz’s move on a scale of 0 to 10.
exechange reached out to NextGen and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 26.2021 ($).