Amwell Co-Founder Roy Schoenberg Becomes Executive Vice Chairman of the Board

Rhea-AI Summary

Amwell (NYSE: AMWL) announced that co-founder Roy Schoenberg is transitioning from his role as president and co-CEO to become Executive Vice Chairman of the Board. Ido Schoenberg will now serve as the sole CEO. Roy Schoenberg has been instrumental in the growth of Amwell, guiding the company through the COVID-19 pandemic and expanding its platform to over 100,000 active clinicians and millions of patients globally. He also spearheaded the development of the Amwell Converge platform aimed at integrating in-person and digital healthcare. The transition marks a shift from extensive R&D to a focus on operational efficiency, cash flow optimization, and profitable growth.

Positive

• Transition of Roy Schoenberg to Vice Chairman potentially enhances strategic oversight.
• Ido Schoenberg's sole CEO role may streamline leadership and decision-making.
• Amwell platform supports over 100,000 clinicians and millions of patients worldwide.
• Development of Amwell Converge platform aims to integrate in-person and digital care.
• Shift to operational focus could enhance efficiency and optimize cash flow.
• Potential for profitable growth highlighted by the new leadership's strategic direction.

Negative

• Leadership transition could introduce short-term operational uncertainties.
• Shift from R&D to operational focus may impact innovation pace.
• No immediate financial data or clinical trial results provided in the announcement.

Amwell CEO to join tech and health leaders from Apple, Stanford Health and others in discussing virtual care solutions that bolster accessibility

Boston, June 13, 2024 (GLOBE NEWSWIRE) -- Amwell^® (NYSE: AMWL), 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. Ido Schoenberg, M.D., will assume the role of sole Chief Executive Officer of Amwell.

Since co-founding Amwell in 2006, Roy Schoenberg has been a driving force behind the nation’s embrace of digital healthcare. His vision of democratizing the availability and distribution of healthcare, using modern technology, laid the foundation for how patients and clinicians experience digital care. His relentless pursuit to advance our view of the possible helped the industry welcome new efficiencies, embrace care automation, healthcare AI and related technologies, and further elevate how and where patients can be cared for. When the COVID-19 pandemic disrupted in-person care, he worked tirelessly with payers, providers and regulators to ensure the industry could keep its obligation to its patients, using technology. While doing so, Roy Schoenberg helped grow the Amwell platform to reach over 100,000 active clinicians and many millions of patients annually across the globe. As the world recovered from the pandemic, he began to architect a next-generation platform – the Amwell Converge™ platform – to support a fast-evolving world of expectations where care is rendered as a balance of in-person and digital experiences. Bringing healthcare to patients has been Roy Schoenberg’s mission and continues to be Amwell’s.

“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,” said Roy Schoenberg, newly appointed Amwell Executive Vice Chairman.

“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,” said Ido Schoenberg. “Roy’s vision, leadership and unwavering dedication has resulted in the creation of a powerful, innovative enterprise technology that has helped establish Amwell as a global provider of world-class software that enables hybrid care delivery.”

FAQ

What change in leadership did Amwell announce on June 13, 2024?

Roy Schoenberg transitioned from president and co-CEO to Executive Vice Chairman, while Ido Schoenberg became the sole CEO.

What impact did Roy Schoenberg have on Amwell?

Roy Schoenberg was instrumental in growing the Amwell platform to support over 100,000 clinicians and millions of patients globally.

What is the Amwell Converge platform?

The Amwell Converge platform is designed to integrate in-person and digital healthcare experiences.

What strategic focus did Amwell announce in their recent press release?

Amwell is shifting from R&D investment to focusing on operational efficiency, cash flow optimization, and profitable growth.

What is Amwell's stock symbol?

Amwell's stock symbol is AMWL.