NextGen Healthcare, Inc., a leading provider of ambulatory-focused technology solutions, has announced that the company and Rusty Frantz have agreed to a mutual separation and that Frantz will no longer serve as president, chief executive officer or a member of the NextGen Healthcare Board of Directors, effective immediately.
An executive leadership committee has been established to lead NextGen Healthcare on an interim basis while its next CEO is identified with the assistance of executive search firm, Spencer Stuart.
The executive leadership committee includes James (Jamie) Arnold, Jr, chief financial officer of NextGen Healthcare; Donna Greene, executive vice-president of Human Resources, NextGen Healthcare; David Metcalfe, executive vice-president and chief technology officer of NextGen Healthcare; and NextGen Healthcare’s recently announced executive vice-president, chief growth and strategy officer, Srinivas (Sri) Velamoor, once he joins the company in early July.
The executive leadership committee will work with a newly established Board Oversight Committee, consisting of independent directors, Jeff Margolis and Craig Barbarosh, non-executive chairman and vice chairman of the board, respectively.
Margolis, said: “On behalf of the Board, we thank Rusty for leading NextGen Healthcare through a successful operational reinvention. Today, the company benefits from the highest-quality solution offerings in ambulatory healthcare, best-in-class customer service and satisfaction levels, and an exceptionally engaged team of executives and employees who daily live a culture that believes in better. We wish Rusty the best.”
He continued: “NextGen Healthcare is well positioned for an exciting future. Our confidence is founded in the company’s remarkable operational capabilities, rich history of delivering strong and innovative ambulatory health solutions, solid baseline of organic growth, new customer wins, ongoing profitability and strong balance sheet. An emphasis on investments that drive sustainable growth at an increasing rate – while maintaining our operational excellence – are go-forward priorities for the Company. Craig and I look forward to working with the Executive Leadership Committee and the broader executive management team to execute on these plans and deliver significant value for our shareholders, clients and employees.”
“It has been an honour to lead NextGen Healthcare and such an outstanding team. I want to thank the NextGen Healthcare employees for the support they have shown me. I’m incredibly proud of all we have accomplished over the past six years. With the talent and dedication, I have seen first-hand across the organisation, I am equally confident in NextGen Healthcare’s continued success,” said Frantz. “I’ve been transparent about my personal experience with the patient/provider connection. This transition enables me to put 100% of my focus on my most important priority – my family. I am gratified to leave the company on solid footing and in very capable hands.”
