Teladoc COO To Depart At Year End

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Teladoc Health’s chief operating officer Mike Waters is leaving the telehealth company at the end of the year, according to a securities filing released Tuesday. 

Waters resigned “in connection with a change in the Company’s executive reporting structure,” the filing said. He joined the company in 2022, previously serving as chief executive of health system Providence’s ambulatory care network.

Waters’ departure is the latest leadership change for Teladoc, which has struggled as interest in virtual care wanes coming out of the coronavirus pandemic. Long-time CEO Jason Gorevic left the company in April. Teladoc appointed former insurance executive Chuck Divita to take the reins a few months later.

Laizer Kornwasser, formerly president of enterprise growth and global markets, was terminated from his position this summer. The virtual care company’s former chief accounting officer also left in May, and was replaced by Joseph Catapano last month. 

Teladoc’s stock performance has declined in recent years as the COVID-19 telehealth boom subsides. The company’s share price closed at $8.75 on Wednesday, a significant decline from more than $294 at its peak in 2021.

Teladoc also withdrew its full-year financial outlook when it reported second quarter earnings in July. The vendor’s net loss swelled to almost $838 million during the quarter, inflated by a $790 million charge linked to declining performance at its direct-to-consumer mental health business BetterHelp.

During the earnings call, Divita said he was evaluating all aspects of the business, including strategic priorities, cost structure, product offerings and capital allocation. 

“From an operating perspective, I see an ability to strengthen execution, streamline the organization and further raise the bar on performance,” he said. 

Teladoc declined to comment for this story.