American Well co-CEO Roy Schoenberg leaves post

  • After 17 years in the position
  • Praise for Roy Schoenberg
  • Elimination of dual Chief Executive Officer role
  • Ido Schoenberg becomes sole Chief Executive Officer
  • Roy Schoenberg will remain as Executive Vice Chairman at American Well
  • Roy Schoenberg kept it short and said 57 words

(exechange) — Boston, Massachusetts, June 13, 2024 — Roy Schoenberg, co-chief executive of American Well, leaves his position. As announced by American Well Corp. in a news release and in a regulatory filing published on Thursday, June 13, 2024, Roy Schoenberg leaves his post as co-chief executive officer at the specialist in digital care doing business as Amwell, after 17 years in the role, effective immediately.

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

American Well eliminates the dual Chief Executive Officer role. Ido Schoenberg will be sole Chief Executive Officer.

“Achieving greater efficiencies, optimizing cash flow and delivering profitable growth”

American Well did not give an explicit reason for Roy Schoenberg’s departure from the co-CEO post. Ido Schoenberg stated: “This transition represents a natural evolution for our company as we shift from a period of intense R&D investment to an operational focus aimed at achieving greater efficiencies, optimizing cash flow and delivering profitable growth while maintaining our dedication to enabling our clients’ aspirations.”

Roy Schoenberg will remain as Executive Vice Chairman at American Well

American Well stated: “Amwell …, a leader in digital care, today announced that co- founder and visionary healthcare technology leader Roy Schoenberg, M.D., M.P.H., is transitioning from his role as president and co-CEO to become Executive Vice Chairman of Amwell’s Board of Directors.”

“Resigned”

American Well said: “Dr. Roy Schoenberg resigned as the President & Co-Chief Executive Officer of American Well Corporation …, effective June 13, 2024.”

“Did not involve any disagreement”

American Well stated, regarding the change: “Dr. Schoenberg’s decision to resign was related to his appointment as our Executive Vice Chairman as described below and did not involve any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.”

Share price decline since June 2021

The announcement follows a decline in American Well Corp.’s share price of 97% since June 2021.

In the position of CEO since 2007

Roy Schoenberg became CEO of the Company in 2007.

Since 2007, Schoenberg has served as President and co-CEO of Amwell.

Schoenberg is the inventor of the American Well concept.

Schoenberg was previously the founder of CareKey, Inc., a software vendor offering electronic health management systems.

Schoenberg led CareKey through product development, market introduction, and the adoption of its solutions.

Schoenberg continued to serve as Senior Vice President and Chief Internet Solutions Officer at TriZetto, following its acquisition of CareKey in December 2005.

In 2013, Schoenberg was appointed to the Federation of State Medical Boards’ task force delivering landmark guidelines for the “Appropriate Use of Telehealth in Medical Practice.”

Schoenberg is the author of numerous publications, talks, and books in the area of medical informatics, many of which he published during his work at the Center for Clinical Computing at Harvard’s Beth Israel Deaconess Hospital, where he was a Fellow in Clinical Informatics from 1998 to 2001.

Schoenberg holds an MD from the Hebrew University Medical School and an MPH in Healthcare Management from Harvard University.

57 words by Roy Schoenberg

In the release announcing his departure as co-CEO of American Well Corp., Roy Schoenberg received praise.

In the release announcing his departure as co-CEO, Roy Schoenberg kept it short and said 57 words.

“Realize the immense value in new Amwell technology”

Roy Schoenberg stated: “The time is now to take the next step in our mission. Our unique opportunity to realize the immense value in new Amwell technology – while achieving critical operational and clinical goals – is both timely and exciting. I am confident in our talented leadership team and will continue to support them in our journey to digitally reimagine healthcare.”

The above text is an excerpt from the exechange report 25.2024 ($), publication date June 17, 2024.