CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF,
Frankfurt: 6PH) (the “
Company” or
“
CloudMD”), a healthcare technology and innovative
health services company transforming the delivery of care, is
pleased to announce that its Board of Directors has unanimously
appointed Karen Adams as the Chief Executive Officer and John
Plunkett as the Chief Financial Officer effective August 11, 2022.
Under their leadership and expertise, CloudMD
enters a new era focused on driving greater shareholder and client
value through executing on the Company’s strategic priorities:
continued organization integration, organic growth, financial
management and profitability.
“After careful consideration, the Board
concluded that CloudMD needs executive leadership with deep
industry knowledge and operating experience during this period of
considerable change at CloudMD. Karen is a proven leader in the
behavioural health space, with a distinguished track record of
innovation, growth and talent development. She will focus on
developing a value-based cultural leadership approach with a
hyper-focus on operational integration, cost optimization, and new
client wins,” said Duncan Hannay, Independent Director of
CloudMD and Chair of the Governance, Nominating & Compensation
Committee. “Karen has been instrumental in establishing
the Company’s core EHS division, executing on its innovation
roadmap and developing the Kii Personalized & Connected Care
offering. Over the last three months, John has supported Karen in
developing the Company’s strategic plan and performing an
enterprise-wide review focusing on cost and operating synergies.
The Board is confident that Karen and John, supported by the rest
of the leadership team, will focus on executing CloudMD’s strategy
as it continues to transform into a leading innovative and
comprehensive health services company.”
“I am excited to lead CloudMD forward at this
important time for the Company. The Company has experienced
tremendous growth over the past 18 months through numerous
acquisitions. We are now turning our attention to rationalizing and
operationalizing these assets, so that we can drive value creation
for shareholders and clients alike. The current environment has
underscored the need to provide timely and critical access to
mental and physical health treatment and resources. CloudMD is
uniquely positioned to shape the future of personalized
healthcare,” said Karen Adams, President & CEO of
CloudMD.
“I am also very excited that John Plunkett has
accepted the appointment of CFO, as we focus on the long-term
financial viability and performance of CloudMD. John and I will
work closely with our North American team to ensure we have the
right plan to create a sustainable growth platform. As part of this
transformation, John will also lead the integration of finance and
accounting systems, and implement strong financial controls
critical to optimization. You can expect from John and I
transparency, accountability, and strong governance as we face
CloudMD’s challenges head-on. We will share with you more of our
plans in the upcoming Q2 earnings call.”
Ms. Adams was appointed to the role of Interim
Chief Executive Officer on May 2, 2022, in addition to her position
as President and Global Head, Enterprise Health Solutions division.
Since starting with CloudMD, Ms. Adams executed on the strategy of
establishing capabilities to address the mental and physical health
issues within the employer marketplace, which the Company offers
through our personalized & Connected Care offering, Kii. Ms.
Adams has held executive leadership roles in large healthcare
companies, including Lifeworks (Morneau Shepell, Shepell.fgi), and
SCM Insurance Services.
Mr. Plunkett was previously CloudMD’s Executive
Vice President, Transformation and Strategic Planning, and held the
position of Chief Financial Officer at MindBeacon Holdings Inc.
(“MindBeacon”) before it was acquired by CloudMD. Mr. Plunkett was
responsible for overseeing the integration of MindBeacon and has
been instrumental in working with the leadership team in generating
over $7.5 million in annualized cost savings synergies in 2022. Mr.
Plunkett brings over 15 years of financial management experience,
including strategic financial planning, M&A, business
integrations, controllership and corporate accounting. During his
tenure as CFO at MindBeacon, he oversaw their IPO in 2020 and the
subsequent acquisition by CloudMD. Mr. Plunkett has many years of
senior management and operating division leadership experience in
large publicly traded corporations, including LifeWorks and D+H.
Mr. Plunkett is a Chartered Accountant and Chartered Professional
Accountant.
Mr. Plunkett replaces CloudMD’s current Interim
CFO, Sean Carr. The Company would like to thank Mr. Carr for his
dedication during this period of transition over the last seven
months.
About CloudMD Software &
Services
CloudMD is transforming the delivery of
healthcare using technology and by providing a patient-centric
approach, with an emphasis on continuity of care. By leveraging
healthcare technology, the Company is building one, connected
platform that addresses all points of a patient’s healthcare
journey and provides better access to care and improved outcomes.
Through CloudMD’s proprietary technology, the Company delivers
quality healthcare through a holistic offering including hybrid
primary care clinics, specialist care, telemedicine, mental health
support, healthcare navigation, educational resources, and
artificial intelligence (AI). CloudMD’s business is separated into
three main divisions: Clinics and Pharmacies, Digital Solution and
Enterprise Health Solutions, the Company’s fastest growing
division. CloudMD’s Enterprise Health Solutions Division has built
a leading employer healthcare solutions, including its
Comprehensive Integrated Health Services Platform, which offers one
comprehensive, digitally connected platform for educational
institutions, corporations, insurers, and advisors to better manage
the health and wellness of their students, employees, and
customers.
CloudMD currently services a direct ecosystem of
over 5,700 clinicians including, 1,800+ mental health
practitioners, 1,600+ allied health professionals, 1,400+ doctors
and nurses and covers 12 million individual lives across North
America. For more information
visit: https://investors.cloudmd.ca.
ON BEHALF OF THE BOARD OF
DIRECTORS “Karen
Adams”Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
Julia BeckerVP, Investor
Relations julia@cloudmd.ca(604) 785-0850
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements
This news release contains “forward-looking
statements” and “forward-looking information” within the meaning of
Canadian securities laws. These statements are based upon
information currently available to CloudMD’s management. All
information that is not clearly historical in nature may constitute
forward‐looking statements. In some cases, forward‐looking
statements may be identified by the use of terms such as
“forecast”, “assumption” and other similar expressions or future or
conditional terms such as “anticipate”, “believe”, “could”,
“estimate”, “expect”, “intend”, “may”, “plan”, “predict”,
“project”, “will”, “would”, and “should”. Forward-looking
statements contained in this news release are based on certain
factors and assumptions made by management of CloudMD based on
their current expectations, estimates, projections, assumptions and
beliefs regarding their business and CloudMD does not provide any
assurance that actual results will meet management’s expectations.
While management considers these assumptions to be reasonable based
on information currently available to them, they may prove to be
incorrect. Such forward‐looking statements are not guarantees of
future events or performance and by their nature involve known and
unknown risks, uncertainties and other factors, including those
risks described in the Company’s MD&A (which is filed under the
Company’s issuer profile on SEDAR and can be accessed at
www.sedar.com), that may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward‐looking statements. Although CloudMD has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward‐looking statements, other factors may cause actions, events
or results to be different than anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate as actual results and future events could vary or differ
materially from those anticipated in such forward‐looking
statements. Accordingly, readers should not place undue reliance on
forward‐looking information. CloudMD does not undertake to update
any forward-looking information, whether as a result of new
information or future events or otherwise, except as may be
required by applicable securities laws.
CloudMD Software & Servi... (TSXV:DOC)
Historical Stock Chart
From Feb 2024 to Mar 2024
CloudMD Software & Servi... (TSXV:DOC)
Historical Stock Chart
From Mar 2023 to Mar 2024