Teladoc's CEO is leaving the corporate after the inventory fell 95% from its 2021 peak

Jason Gorevic, CEO, Teladoc

Scott Mill | CNBC

Teladoc Health announced on Friday the sudden departure of CEO Jason Gorevic, who is leaving his role as head of the company effective immediately, according to a press release.

The company's board has appointed Mala Murthy, chief financial officer, to replace Gorevic on an interim basis and hired a recruiting firm to choose a permanent successor.

Shares of Teladoc closed up more than 1% on Friday but have fallen about 33% since the start of the year. Additionally, the stock has fallen about 95% from a high of $294.54 in February 2021 to about $14 on Friday, a level it hasn't traded at in about eight years.

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

Teladoc is a virtual healthcare company that offers telemedicine appointments with doctors, therapists and specialists.

Gorevic joined the company as CEO in 2009 and steered Teladoc through the Covid-19 pandemic, which left most healthcare providers transitioning to a virtual format.

“I am proud of the impact we have made on the healthcare system and our many successes in driving innovation and transforming virtual healthcare from an unrealized promise into a valued reality for our 90 million members,” Gorevic said in a statement to CNBC.

Murthy has led Teladoc's finance organization since 2019. She previously held management positions at American Express And PepsiCo. Murthy said in a letter to employees Friday that she is focused on meeting Teladoc's commitments to customers and members and ensuring that “the company continues to operate effectively.”

Teladoc's board reiterated that the company is on track to meet its first quarter and full-year guidance. Further details about the reasons for Gorevic's departure were not disclosed.

The company did not provide additional comment.

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