Teladoc Health (NYSE:TDOC) stock is a hot topic on Friday as investors react to news of CEO Jason Gorevic stepping down.
Taking over for Gorevic is Chief Financial Officer Mala Murthy. This will only be temporary as the company searches for a permanent replacement for Gorevic. It will consider both internal and external candidates.
What’s interesting about this is that Gorevic has led Teladoc since 2009. This has put him in control of the company for some time, including throughout the pandemic.
Demand for virtual doctor visits soared during the pandemic due to lockdowns. That resulted in a period of strong growth for TDOC stock. However, the shares are currently down 95% since 2021.
What This Means for TDOC Stock?
The future for Teladoc is unclear right now. Demand for its services decreased after the end of the pandemic. The firm is also seeing increased competition from other virtual healthcare companies that popped up during the pandemic.
All of this has put extra stress of TDOC shares. It seems likely that Teladoc’s Board of Directors is hoping that a new leader for the company can overcome these issues. Investors are no doubt hoping the same.
TDOC stock is up slightly Friday morning on news of the departure. That comes with some 4.1 million shares traded, as compared to a daily average of about 4.7 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
