CloudMD Appoints Karen Adams as Chief Executive Officer and John Plunkett as Chief Financial Officer
Vancouver, BC, August 11, 2022 – CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (the “Company” or “CloudMD”), a healthcare technology and innovative health services company transforming the delivery of care, is pleased to announce that its Board of Directors has unanimously appointed Karen Adams as the Chief Executive Officer and John Plunkett as the Chief Financial Officer effective August 11, 2022.
Under their leadership and expertise, CloudMD enters a new era focused on driving greater shareholder and client value through executing on the Company’s strategic priorities: continued organization integration, organic growth, financial management and profitability.
“After careful consideration, the Board concluded that CloudMD needs executive leadership with deep industry knowledge and operating experience during this period of considerable change at CloudMD.Karen is a proven leader in the behavioural health space, with a distinguished track record of innovation, growth and talent development. She will focus on developing a value-based cultural leadership approach with a hyper-focus on operational integration, cost optimization, and new client wins,” said Duncan Hannay, Independent Director of CloudMD and Chair of the Governance, Nominating & Compensation Committee. “Karen has been instrumental in establishing the Company’s core EHS division, executing on its innovation roadmap and developing the Kii Personalized & Connected Care offering. Over the last three months, John has supported Karen in developing the Company’s strategic plan and performing an enterprise-wide review focusing on cost and operating synergies. The Board is confident that Karen and John, supported by the rest of the leadership team, will focus on executing CloudMD’s strategy as it continues to transform into a leading innovative and comprehensive health services company.”
“I am excited to lead CloudMD forward at this important time for the Company. The Company has experienced tremendous growth over the past 18 months through numerous acquisitions. We are now turning our attention to rationalizing and operationalizing these assets, so that we can drive value creation for shareholders and clients alike. The current environment has underscored the need to provide timely and critical access to mental and physical health treatment and resources. CloudMD is uniquely positioned to shape the future of personalized healthcare,” said Karen Adams, President & CEO of CloudMD.
“I am also very excited that John Plunkett has accepted the appointment of CFO, as we focus on the long-term financial viability and performance of CloudMD. John and I will work closely with our North American team to ensure we have the right plan to create a sustainable growth platform. As part of this transformation, John will also lead the integration of finance and accounting systems, and implement strong financial controls critical to optimization. You can expect from John and I transparency, accountability, and strong governance as we face CloudMD’s challenges head-on. We will share with you more of our plans in the upcoming Q2 earnings call.”
Ms. Adams was appointed to the role of Interim Chief Executive Officer on May 2, 2022, in addition to her position as President and Global Head, Enterprise Health Solutions division. Since starting with CloudMD, Ms. Adams executed on the strategy of establishing capabilities to address the mental and physical health issues within the employer marketplace, which the Company offers through our personalized & Connected Care offering, Kii. Ms. Adams has held executive leadership roles in large healthcare companies, including Lifeworks (Morneau Shepell, Shepell.fgi), and SCM Insurance Services.
Mr. Plunkett was previously CloudMD’s Executive Vice President, Transformation and Strategic Planning, and held the position of Chief Financial Officer at MindBeacon Holdings Inc. (“MindBeacon”) before it was acquired by CloudMD. Mr. Plunkett was responsible for overseeing the integration of MindBeacon and has been instrumental in working with the leadership team in generating over $7.5 million in annualized cost savings synergies in 2022. Mr. Plunkett brings over 15 years of financial management experience, including strategic financial planning, M&A, business integrations, controllership and corporate accounting. During his tenure as CFO at MindBeacon, he oversaw their IPO in 2020 and the subsequent acquisition by CloudMD. Mr. Plunkett has many years of senior management and operating division leadership experience in large publicly traded corporations, including LifeWorks and D+H. Mr. Plunkett is a Chartered Accountant and Chartered Professional Accountant.
Mr. Plunkett replaces CloudMD’s current Interim CFO, Sean Carr. The Company would like to thank Mr. Carr for his dedication during this period of transition over the last seven months.
About CloudMD Software & Services
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. By leveraging healthcare technology, the Company is building one, connected platform that addresses all points of a patient’s healthcare journey and provides better access to care and improved outcomes. Through CloudMD’s proprietary technology, the Company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s business is separated into three main divisions: Clinics and Pharmacies, Digital Solution and Enterprise Health Solutions, the Company’s fastest growing division. CloudMD’s Enterprise Health Solutions Division has built a leading employer healthcare solutions, including its Comprehensive Integrated Health Services Platform, which offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers.
CloudMD currently services a direct ecosystem of over 5,700 clinicians including, 1,800+ mental health practitioners, 1,600+ allied health professionals, 1,400+ doctors and nurses and covers 12 million individual lives across North America. For more information visit: https://investors.cloudmd.ca.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
FOR ADDITIONAL INFORMATION, CONTACT:
VP, Investor Relations
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Forward Looking Statements
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities laws. These statements are based upon information currently available to CloudMD’s management. All information that is not clearly historical in nature may constitute forward‐looking statements. In some cases, forward‐looking statements may be identified by the use of terms such as “forecast”, “assumption” and other similar expressions or future or conditional terms such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and “should”. Forward-looking statements contained in this news release are based on certain factors and assumptions made by management of CloudMD based on their current expectations, estimates, projections, assumptions and beliefs regarding their business and CloudMD does not provide any assurance that actual results will meet management’s expectations. While management considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect. Such forward‐looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Company’s MD&A (which is filed under the Company’s issuer profile on SEDAR and can be accessed at www.sedar.com), that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. Although CloudMD has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward‐looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward‐looking statements. Accordingly, readers should not place undue reliance on forward‐looking information. CloudMD does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.