- Push-out Score determined
- After almost nine years in the position
- Praise for Garipalli
- Andrew Toy taking over
- Garipalli will remain as Executive Chairperson at Clover Health
- Garipalli made a lengthy statement and said 232 words
(exechange) — Franklin, Tennessee, August 10, 2022 — Vivek Garipalli, chief executive of Clover Health, leaves his position. As announced by Clover Health Investments Corp. in a news release published on Monday, August 8, 2022, and in a regulatory filing published on Wednesday, August 10, 2022, Vivek Garipalli leaves his post as chief executive officer at the health care company, after almost nine years in the role, effective January 1, 2023.
Vivek Garipalli’s duties as CEO will be taken over by Andrew Toy, currently President at Clover Health Investments Corp.
“Culmination of a succession plan”
Vivek Garipalli’s departure from the CEO post is explained as follows. Garipalli said: “This is the culmination of a succession plan we’ve had in place since Andrew joined Clover as CTO and led the development of Clover Assistant.”
Garipalli will remain as Executive Chairperson at Clover Health
“Mr. Garipalli will continue on with many responsibilities in the role of Executive Chairperson, working closely with Mr. Toy to ensure a seamless transition and long-term collaborative relationship to best achieve Clover Health’s mission to Improve Every Life,” Clover Health said.
Clover Health said: “Vivek Garipalli, its founder and current Chief Executive Officer (“CEO”) and Chairperson, will transition his role of CEO to Co-Founder and President Andrew Toy, effective January 1, 2023.”
Clover Health further said: “[E]ffective as of January 1, 2023, Vivek Garipalli, the Company’s Co-Founder and Chief Executive Officer (“CEO”), will become the Executive Chairman of the Board and leave his position as CEO, and Andrew Toy, the Company’s current President, will be promoted to the position of Co-Founder and CEO and will no longer serve as President. The plan of succession was approved by the Board of the Directors (the “Board”) on August 5, 2022.”
Share price decline since August 2021
The announcement follows a decline in Clover Health Investments Corp.’s share price of 60% since August 2021.
In the position of CEO since 2014
Vivek Garipalli became CEO of the Company in 2014.
Vivek Garipalli is the co-founder and CEO of Clover Health.
Prior to founding Clover, he founded CarePoint Health in 2008, a fully integrated healthcare system in New Jersey.
Through his role at CarePoint – whose mission is to serve uninsured and underinsured patient populations – Vivek Garipalli experienced the misalignment of providers and insurance companies first-hand, which led to the founding of Clover.
Vivek Garipalli also co-founded a healthcare services revenue cycle company called Ensemble Health before teaming up with a couple of friends at Flatiron Health.
He helped drive the development of Flatiron Health’s strategy and business model and sat on the board through its sale to Roche in 2018.
Vivek Garipalli is active in health tech, serving as a board member of Doctor Evidence and Medically Home and an investor in numerous early-stage health tech companies.
Vivek Garipalli began his career in finance, holding roles at Credit Suisse First Boston, J.P. Morgan Partners and Blackstone Group.
He earned a B.B.A. in Entrepreneurship from Emory University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Vivek Garipalli’s move on a scale of 0 to 10.
exechange reached out to Clover Health and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2022 ($).