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Martin Beck Appointed CEO, Replacing Samuel Meckey
Announces the Elimination of 20 Corporate Roles
-- UpHealth, Inc. ("UpHealth," the "Company") (NYSE:UPH), a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management, today announced the October 5, 2023 appointment by the Board of Directors of the Company of Martin Beck to serve as the Company's next Chief Executive Officer, replacing Samuel Meckey, effective October 6, 2023, and Mr. Beck being named as a member of the Board of Directors effective October 9, 2023. Mr. Beck has been UpHealth's Chief Financial Officer since February 2020. Jay Jennings, currently the Company's Chief Accounting Officer, will assume the role of Chief Financial Officer.
The Company also announced today the reduction of an additional 20 corporate roles. These organizational changes do not impact the Company's business units. This action was taken to mitigate the financial impact of the September 14, 2023 decision by a trial court in New York to grant summary judgment in favor of Needham & Company LLC ("Needham") ("the Needham decision"). The Company continues to seek a fair resolution through an appeals process of the judgment.
"Martin has the financial acumen and operational expertise to guide our Company forward. He is the ideal leader to navigate UpHealth through the current financial landscape," said Dr. Avi Katz, Chair of the Company's Board of Directors. "I am confident that with the work we have done to restructure our financials and with Martin at the helm, UpHealth will continue to serve our customers to their full satisfaction by delivering on our mission to enable high quality, affordable and accessible healthcare for all and to focus on maximizing long-term stakeholder value creation."
Dr. Katz continued, "I would like to thank Sam for his contributions to the Company. Sam successfully delivered against operational goals and helped accelerate UpHealth's transformation and growth. We are continuing to focus on serving customers, partners and patients, and we thank all our team members, including those affected by today's reduction in force, for delivering on our promises to our stakeholders without interruption."
Mr. Beck said, "I am eager to take on the role of CEO and lead our team at this pivotal juncture for the Company. The aggressive cost reduction actions taken by our new management team represent a first step in the execution of our plan to preserve and enhance stakeholder value."
Posted In: UPH
