The Swamp Runs Deep
Jonathan Bush Resigns
(((Jeff Immelt and Marc Levine will run day to day operations)))
Athenahealth Inc.'s co-founder is stepping down from his role as chief executive officer as the company's board considers a takeover bid from activist investor Paul Singer. Singer’s firm, Elliott Management, is urging Athenahealth’s board to approve its estimated $7 billion offer after the firm rejected previous claims that shareholders wanted a deal. “The board has authorized a thorough evaluation of strategic alternatives, including a potential sale or merger or continuing as an independent company under new leadership,” newly appointed executive chairman Jeff Immelt, the former General Electric CEO, said in a statement. Athenahealth co-founder Jonathan Bush is vacating both the role of CEO as well as his seat on the Athenahealth board, effective immediately. Immelt and Chief Financial Officer Marc Levine will run day-to-day operations.
https://www.washingtonexaminer.com/business/athenahealth-co-founder-exits-as-activist-fund-elliott-management-presses-7-billion-offer