- After around 13 years in the position
- Praise for Arnold
- Brent Layton taking over
- Arnold will remain as executive chairman at Sharecare
- Arnold said 110 words
(exechange) — Atlanta, Georgia, November 9, 2023 — Jeff Arnold, chief executive of Sharecare, leaves his position. As announced by Sharecare Inc. in a news release and in a regulatory filing published on Thursday, November 9, 2023, Jeffrey T. (Jeff) Arnold leaves his post as chief executive officer at the digital health company, after around 13 years in the role, effective January 2, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Jeff Arnold’s duties as CEO will be taken over by Brent Layton, a former president and chief operating officer at Centene Corporation.
Already a director
Layton has already been a member of the board of directors of Sharecare. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Layton understands the expectations and dynamics of the board and has knowledge of Sharecare’s organization, risk-management practices and strategy.
Jeff Arnold’s move coincides with a management shake-up also involving the position of Chief Operating Officer.
“Capitalize on the untapped market opportunities”
Sharecare did not give an explicit reason for Jeff Arnold’s departure from the CEO post. Arnold stated: “Following a deliberate effort to augment our long-term leadership strategy to capitalize on the untapped market opportunities before us, the board and I are delighted that Brent has agreed to become our next CEO.”
Arnold will remain as executive chairman at Sharecare
Sharecare stated: “Formerly president and chief operating officer of Centene Corporation, Layton will assume the CEO role at Sharecare on January 2, 2024, and remain on the board. Arnold will transition to the role of executive chairman at that time, remaining active in the business day-to-day and working closely with Brent, focusing on driving the overall strategy of the company, product innovation, addressing market needs with next generation technology such as generative AI, and supporting strategic growth opportunities.”
Share price decline since November 2021
The announcement follows a decline in Sharecare Inc.’s share price of 86% since November 2021.
In the position of CEO since 2010
Jeff Arnold became CEO of the Company in 2010.
Arnold founded and has been the chairman and chief executive officer of Sharecare since its inception.
Prior to founding Sharecare, Arnold was chairman and CEO of HowStuffWorks.com, until its sale to Discovery Communications in 2007, where he then served as chief digital strategy officer and chief architect of The Curiosity Project, until December 2011.
Prior to that, in 1998, he founded and served as CEO of WebMD until 2000.
Arnold has been widely recognized for his innovative contributions to media, healthcare, and technology throughout the years, including: EY naming him Entrepreneur Of The Year in the Southeast twice; being inducted into the American Academy of Achievement; being named a Global Leader of Tomorrow by the World Economic Forum; being presented with the Blumenthal Award by Johns Hopkins University; being inducted into the Honor Society of Nursing, Sigma Theta Tau International, as an honorary member; receiving the Phoenix Award by the State of Georgia; being inducted into the Technology Hall of Fame of Georgia; named a Health Care Hero by the Atlanta Business Chronicle; presented with a Groundbreaker Award by Atlanta Magazine; and honored by the Atlanta chapter of the IndUS Entrepreneurs with a Lifetime Achievement Award.
Arnold is a graduate of the University of Georgia, where he majored in communications studies.
He has been on numerous boards for public, private, and charitable organizations over the years and currently serves on the board of Five Star Travel, Inc. d/b/a Forbes Travel Guide (“Five Star”), is acting chairman of Five Star and is on the board of Endeavor Atlanta.
110 words by Jeff Arnold
In the release announcing his departure as CEO of Sharecare Inc., Jeff Arnold received praise.
In announcing his departure, Jeff Arnold said 110 words.
“Deliver enhanced value”
Jeff Arnold stated: “Following a deliberate effort to augment our long-term leadership strategy to capitalize on the untapped market opportunities before us, the board and I are delighted that Brent has agreed to become our next CEO. Having known Brent for many years, I have witnessed first-hand the effectiveness of his leadership, as well as his proven track record of success in the highly regulated and fragmented healthcare industry. I am looking forward to combining Brent’s expertise in driving growth at scale within large, government-funded programs and value-based contracts with my extensive experience in digital health, product innovation, and M&A as we continue to deliver enhanced value for Sharecare’s users, customers, and shareholders.”
Push-out Score for Jeff Arnold’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Jeff Arnold was pushed out or felt pressure to leave his position.
exechange reached out to Sharecare and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2023 ($).