athenahealth Launches Strategic Review

athenahealth gained more than 1% after the company said it is conducting a strategic review of the company’s operational and financial strategy, leadership and governance. It said it has identified approximately $100 million in cost-savings opportunities and will provide additional information regarding details of these strategic initiatives, including plans to significantly increase operating margins, in 2018 by its Q3 earnings reporting date in October.

It also plans to create a new president job at the company and hire a CFO to report to the CEO. The board also plans to separate the roles of chairman and CEO and is working to recruit an independent chairman. In addition, the board said it has begun a search process to appoint an additional independent director.

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