Athenahealth Chief Financial Officer Karl Stubelis will be stepping down on July 21, 2017 and an interim CFO will take over during the transition, the company announced.
Stubelis will be “pursue other opportunities,” according to the announcement from Athenahealth. John A. “Jack” Kane, a member of the athenahealth Board of Directors and current chair of the Board’s Audit Committee, will serve as interim CFO during the transition.
In addition, the Athenahealth Board will reconstitute its Audit Committee and expects to appoint Tom Szkutak as chair, the company announced. Athenahealth will also release its second quarter earning report on July 21.
Jonathan Bush, chairman and chief executive officer of Athenahealth, said, “This CFO transition reflects our commitment to ensuring that Athenahealth has world-class leaders to support the Company and our increased scale and scope. We intend to focus our CFO search on leaders who bring a record of operating discipline and value-creating capital allocation. I look forward to working closely with the Athenahealth Board, especially Jack Kane and Tom Szkutak, former CFO of Amazon, to identify the best individual for the role.”
The company has hired DHR International to assist in the search for a new permanent CFO.
The company is Watertown’s largest employer and the owner of the Arsenal on the Charles.
This is the second CFO to leave Athenahealth in only 14 months. The last one, Kristi Matus, left in May 2016. And this past December they lost COO Ed Park.
Obviously internal discord within the executive team. I’m sure that a CFO is not all that keen with Bush’s dreams of a real estate empire. Those things tend to divert attention away from the core business. And, Athena Health is only as good as the next software update.