The CEO of Teladoc leaves the company following a 95% drop in stock price from its 2021 peak.

Teladoc Health on Friday announced the sudden departure of CEO Jason Gorevic, who is leaving his role as head of the company effective immediately, according to a release. The company’s board of directors has temporarily appointed CFO Mala Murthy as Gorevic’s replacement and hired an executive search firm to determine a permanent successor.

“We thank Jason for his many achievements and contributions during the 15 years he led Teladoc Health. We wish him success in his future endeavors,” David Snow, Jr., chairman of the Teladoc board, said in the release.

Teladoc is a virtual health-care company that offers telehealth appointments with doctors, therapists, and specialists. Gorevic joined the company as CEO in 2009, steering Teladoc through the global Covid-19 pandemic that left most health-care providers scrambling to adapt to a virtual format.

Shares of Teladoc were mostly flat in premarket trading Friday but are down about 34% year-to-date. The stock has also fallen about 95% from a high of $294.54 in February 2021 to about $14 as of Friday, a level it hasn’t traded at in about 8 years.

Murthy has led Teladoc’s finance organization since 2019. She previously held executive positions at American Express and PepsiCo. Murthy said in a letter to employees Friday that she’s focused on honoring the company’s commitments to clients and members and ensuring the company continues to operate effectively.

Teladoc’s board reaffirmed that the company is on track to meet its guidance for the first quarter and full year. It did not share any additional details about the reason behind Gorevic’s departure.

The company did not offer any additional comment.

Teladoc stock chart

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