Cue Health CEO Ayub Khattak leaves

  • After around 14 years in the position
  • Praise for Khattak
  • Clint Sever taking over
  • Khattak said 91 words

(exechange) — San Diego, California, March 20, 2024 — Ayub Khattak, chief executive of Cue Health, leaves his position. As announced by Cue Health Inc. in a news release and in a regulatory filing published on Wednesday, March 20, 2024, Ayub Khattak has left his post as chief executive officer at the healthcare technology company, after around 14 years in the role, effective March 19, 2024.

Generally speaking, it raises questions when a CEO leaves his post abruptly.

Ayub Khattak’s duties as CEO will be taken over by Clint Sever, previously Chief Product Officer at Cue Health Inc.

“To best position the Company for its next stage”

Cue Health did not give an explicit reason for Ayub Khattak’s departure from the CEO post. Cue Health stated: “Cue Health Inc. (“Cue” or the “Company”) (Nasdaq: HLTH), a healthcare technology company, today announced strategic actions implemented by its Board of Directors (the “Board”) to best position the Company for its next stage.”

Precise information regarding Ayub Khattak’s future plans was not immediately available.

“Stepping down”

Cue Health said: “Sever succeeds Ayub Khattak, who is stepping down as Chief Executive Officer, President, and Chairman.”

Cue Health further said: “On March 19, 2024, Cue Health Inc. (the “Company”) announced that Ayub Khattak is stepping down as Chief Executive Officer, President and Chairman of the Board, effective immediately.”

Share price decline since March 2023

The announcement follows a decline in Cue Health Inc.’s share price of 91% since March 2023.

In the position of CEO since 2010

Ayub Khattak became CEO of the Company in 2010.

Khattak will remain a member of the Board of Directors.

Khattak is the co-founder of the Company and has served as the Company’s President and Chief Executive Officer and member of the Company’s board of directors since January 2010.

He holds a B.S. in mathematics from the University of California, Los Angeles.

91 words by Ayub Khattak

In the release announcing his departure as CEO of Cue Health Inc., Ayub Khattak received praise.

In announcing his departure, Ayub Khattak said 91 words.

“Continued progress”

Ayub Khattak stated: “It has been a privilege to lead the Cue team for the past 14 years and I’m proud of the pioneering work we have done to bring lab-quality molecular diagnostics into the home and point of care. Throughout my leadership at Cue, we’ve embraced the challenge of enhancing healthcare through technology and our commitment has always been to deliver diagnostic solutions that empower individuals and support healthcare providers. I remain excited about the future vision of Cue’s molecular testing products and look forward to the Company’s continued progress under Clint’s leadership.”

The above text is an excerpt from the exechange report 13.2024 ($), publication date March 25, 2024.