Teladoc’s chief operating officer has resigned due to an executive reshuffle, a few months after the company named a new CEO.
Michael WatersCOO Michael Waters’ resignation was related to “a change in the Company’s executive reporting structure,” according to a securities filing Tuesday. His resignation will be effective starting Dec. 31.
The reshuffle comes after Teladoc hired Chuck Divita in June to replace longtime CEO Jason Gorevic in hopes of turning the company around. The telehealth giant hasn’t been able to sustain the success it enjoyed during the peak of the Covid-19 pandemic, withdrawing its 2024 financial outlook during its quarterly earnings in August.
Teladoc has struggled to keep up with membership numbers in its direct-to-consumer therapy business BetterHelp, with the number of paying users falling 14% in its second quarter compared to the same period last year. It hopes to lean in on its chronic care business moving forward, the company said during an earnings call in August. Analysts have also hoped that Divita, a former insurance executive, could drive the company’s growth by selling more health insurance plans.
Waters joined Teladoc in 2022 and worked as an executive at health system Providence before that, leading its ambulatory care network.
Teladoc did not immediately respond to a request for comment.
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