- After about six years in the position
- Praise and thanks for Lam
- Elimination of dual Chief Executive Officer role
- Brandon Sim becomes sole Chief Executive Officer
- Lam will remain as Vice Chairman at Apollo Medical
- Lam said 116 words
(exechange) — Alhambra, California, January 24, 2024 — Thomas Lam, co-chief executive of Apollo Medical, leaves his position. As announced by Apollo Medical Holdings Inc. in a news release and in a regulatory filing published on Wednesday, January 24, 2024, Thomas S. Lam has left his post as co-chief executive officer at the healthcare company, after about six years in the role, effective January 19, 2024.
Generally speaking, it raises questions when a co-CEO leaves his post abruptly.
Apollo Medical eliminates the dual Chief Executive Officer role. Brandon Sim will be sole Chief Executive Officer.
Thomas Lam’s move coincides with a management shake-up also involving the positions of Chief Operating Officer; and Chief Medical Officer.
Chan Basho remains Chief Financial Officer and, in addition, has been named Chief Operating Officer, effective January 19, 2024.
Dinesh Kumar will be joining the executive team as Chief Medical Officer of ApolloMed, effective January 23, 2024.
“Rigorously planned process”
The management change is explained as follows. Apollo Medical stated: “As part of a rigorously planned process, Mr. Sim will continue to lead ApolloMed into its next chapter of growth as President and CEO, alongside Mr. Basho, COO and CFO, and Dr. Kumar, CMO.”
Lam will remain as Vice Chairman at Apollo Medical
Apollo Medical stated: “Dr. Thomas Lam will serve as Vice Chairman of the Board of Directors and is retiring as President and Co-CEO, effective January 19, 2024.”
Share price increase since January 2023
The announcement follows an increase in Apollo Medical Holdings Inc.’s share price of 30% since January 2023.
In the position of Co-CEO since 2017
Thomas Lam became Co-CEO of the Company in 2017.
Lam has served as a Board member since January 2016.
Lam served as the Company’s Co-Chief Executive Officer from December 2017 to March 2019 and as the Company’s Chief Executive Officer from April 2019 to September 2019.
He served as the President and Co-Chief Executive Officer of the Company.
Lam has also served as Chief Executive Officer of NMM since January 2006 and has been a member of NMM’s board of directors since 2005.
Lam was the Chairman of the board of directors of APC from January 2006 to September 2014 and has been APC’s Chief Executive Officer since January 2006 and APC’s Chief Financial Officer since October 2014.
Lam received a Corporate Citizens of the Year Award from the Board of Directors of East Los Angeles College Foundation in April 2014.
In February 2015, the YMCA Board of Directors of West San Gabriel Valley honored Lam as the recipient of the Heart of the Community Award.
Lam received his medical training from New York Medical College and gastroenterology training from Georgetown University.
116 words by Thomas Lam
In the release announcing his departure as CEO of Apollo Medical Holdings Inc., Thomas Lam received praise and thanks.
In announcing his departure, Thomas Lam said 116 words.
“Next chapter of growth”
Thomas Lam stated: “It has been an honor to serve as President and Chief Executive Officer of ApolloMed, and I am extremely proud of the high-access, high-quality, and high-value healthcare we have brought to communities across the country for decades. Over the past several years, I have partnered with Brandon and witnessed the fresh energy, technology-forward perspective, and high level of execution that Brandon has imbued into the organization as we strive to provide industry-leading care for all. I, along with the Board of Directors, am confident that his innovative mindset, strategic thinking, and demonstrated leadership ability make him the best person to lead ApolloMed’s success in its next chapter of growth as a leading, national value-based healthcare platform.”
Push-out Score for Thomas Lam’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Thomas Lam’s move on a scale of 0 to 10.
Read the full story in the exechange report 5.2024 ($).