Amwell announces CFO Mark Hirschhorn as COO, expanding his role to enhance operational strategies while streamlining leadership.
Quiver AI Summary
Amwell, a leader in digital healthcare, has announced that Chief Financial Officer Mark Hirschhorn will expand his role to become Chief Operating Officer starting January 1, 2025. In addition to his CFO responsibilities, Hirschhorn will oversee the company's operational and growth strategies, including management of clinical, sales, and marketing teams. This change aligns with Amwell's goal to scale its digital healthcare solutions. CEO Ido Schoenberg praised Hirschhorn’s leadership and operational experience as crucial in streamlining services and achieving profitable growth. Additionally, two executives, Chief Commercial and Growth Officer Kathy Weiler and Chief Operating Officer Kurt Knight, will leave the company at the end of the year after contributing significantly to Amwell’s development and operational success.
Potential Positives
- Mark Hirschhorn's transition to COO while continuing as CFO demonstrates Amwell's strategy to enhance operational leadership and drive growth.
- The appointment reflects the company's commitment to meet the increasing demand for digital healthcare solutions.
- Amwell is positioned to achieve cash flow positivity by 2026, highlighting an optimistic financial outlook and operational efficiency goals.
- The changes in leadership aim to streamline processes and sharpen focus on priorities, indicating a strategic alignment for the company's future.
Potential Negatives
- The departure of two senior executives, including the Chief Commercial and Growth Officer and the Chief Operating Officer, may indicate instability within the company's leadership and strategy.
- The company's commitment to achieving cash flow positivity by 2026 could signal current financial challenges that require significant improvement.
- Hirschhorn's dual role as CFO and COO may strain his ability to effectively manage both functions, potentially impacting operational efficiency and financial oversight.
FAQ
What new role will Mark Hirschhorn take at Amwell?
Mark Hirschhorn will expand his role as Chief Operating Officer, effective Jan. 1, 2025, while continuing as CFO.
What are Mark Hirschhorn's responsibilities as COO?
He will oversee operational and growth strategies, including the clinical, sales, and marketing teams.
Why did Amwell make these leadership changes?
The changes reflect Amwell’s commitment to scale its digital healthcare solutions and streamline operations for growth.
What is Amwell's mission?
Amwell aims to connect and empower providers, insurers, and innovators to deliver accessible, affordable, high-quality healthcare.
Who are the executives leaving Amwell?
Kathy Weiler, Chief Commercial and Growth Officer, and Kurt Knight, Chief Operating Officer, will depart at the end of the year.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$AMWL Insider Trading Activity
$AMWL insiders have traded $AMWL stock on the open market 29 times in the past 6 months. Of those trades, 0 have been purchases and 29 have been sales.
Here’s a breakdown of recent trading of $AMWL stock by insiders over the last 6 months:
- KURT KNIGHT (Chief Operating Officer) has traded it 6 times. They made 0 purchases and 6 sales, selling 21,030 shares.
- PAUL FRANCIS MCNEICE (Chief Accounting Officer) has traded it 6 times. They made 0 purchases and 6 sales, selling 2,051 shares.
- PHYLLIS GOTLIB (President, International) has traded it 6 times. They made 0 purchases and 6 sales, selling 24,430 shares.
- VUKASIN PAUNOVICH (EVP, Enterprise Platforms) has traded it 4 times. They made 0 purchases and 4 sales, selling 14,708 shares.
- KATHY JOHNSON WEILER (Chief Comm. & Growth Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 14,700 shares.
- MARK HIRSCHHORN (Chief Financial Officer) sold 46,345 shares.
- ROBERT SHEPARDSON (Chief Financial Officer) has traded it 3 times. They made 0 purchases and 3 sales, selling 23,573 shares.
- DEBORAH C JACKSON sold 42,202 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$AMWL Hedge Fund Activity
We have seen 3 institutional investors add shares of $AMWL stock to their portfolio, and 2 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- GROUP ONE TRADING, L.P. added 20,867 shares (+1515.4%) to their portfolio in Q2 2024
- ALDEBARAN FINANCIAL INC. added 20,843 shares (+1960.8%) to their portfolio in Q3 2024
- PERENNIAL ADVISORS, LLC added 9,500 shares (+1900.0%) to their portfolio in Q2 2024
- CIBC PRIVATE WEALTH GROUP, LLC removed 81 shares (-100.0%) from their portfolio in Q2 2024
- CATALYST FUNDS MANAGEMENT PTY LTD removed 75 shares (-100.0%) from their portfolio in Q2 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BOSTON, Dec. 18, 2024 (GLOBE NEWSWIRE) --
Amwell
®
(NYSE: AMWL), a leader in digital care, has announced Chief Financial Officer (CFO) Mark Hirschhorn will take on an expanded role as chief operating officer, effective Jan. 1, 2025.
Hirschhorn will now oversee the company's operational and growth strategies, including the clinical, sales and marketing teams, while continuing his responsibilities as CFO. This move reflects Amwell’s commitment to scale its innovative solutions to meet the growing demand for digital healthcare.
"Since joining Amwell, Mark has proven himself to be a strong leader, and we’re thrilled to have him step into this expanded role," said Ido Schoenberg, M.D., CEO and chairman of Amwell. "Mark’s operational experience, coupled with his extensive financial acumen, will help us continue to streamline the Amwell portfolio of services and pursue core channels of profitable growth while powering the digital care aspirations of our clients. With these changes, we enable a higher level of focus on our mission of connecting and empowering providers, insurers, and innovators to deliver more accessible, affordable, high-quality care for the benefit of all stakeholders. We also solidify our confidence in our path to cash flow positive in 2026."
"I am eager to take on the additional responsibilities as COO," said Hirschhorn. "I look forward to working closely with our talented and streamlined leadership team to sharpen our operational focus on key priorities, drive greater efficiencies, optimize cash flow and deliver profitable growth while pursuing our mission to redefine healthcare delivery through technology-driven solutions."
As Amwell continues to streamline processes and drive alignment, two executives will leave the company. Chief Commercial and Growth Officer Kathy Weiler, and Chief Operating Officer Kurt Knight, will depart Amwell at the end of the year. Over her tenure, Weiler has contributed to meaningful cost initiatives while transforming the company’s growth organization. Knight has provided substantial leadership over his 14-year tenure, including key roles in strategy, M&A, the company’s IPO, rapidly scaling operations through the COVID-19 pandemic, and building and managing the company’s affiliated network of providers, Amwell Medical Group
®
, a strategic service for payer and provider organizations.
“Kathy’s leadership led to the creation of a formally structured and professionalized growth organization, which has had a meaningful and lasting impact on our business. Kurt is a foundational partner in Amwell. He has made an incredible contribution to our company over many years. He played a major role in transforming Amwell into the company it is today, and I am forever grateful. I thank both leaders for their contributions to Amwell,” said Schoenberg.
About Amwell
Amwell is a leading hybrid care, delivery enablement platform in the United States and globally, connecting and enabling providers, payers, patients, and innovators to deliver greater access to more affordable, higher quality care. Amwell believes that hybrid care delivery will transform healthcare. We offer a single, comprehensive platform to support all digital health needs from urgent to acute and post-acute care, as well as chronic care management and healthy living. With nearly two decades of experience, Amwell powers the digital care of more than 50 health plans, which collectively represent more than 100 million covered lives, and many of the nation’s largest health systems. For more information, please visit
https://business.amwell.com/
.
©2024 American Well Corporation. All rights reserved. Amwell®, SilverCloud®, Amwell Converge
TM
, Carepoint
TM
, Amwell Medical Group®, and the Amwell Logo are registered trademarks or trademarks of American Well Corporation.
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