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Teladoc CEO steps down amid growing telehealth competition

Shares of Teladoc Health (TDOC) are under pressure Friday, following the announcement that CEO Jason Gorevic will be stepping down after a 15-year tenure at the company. Yahoo Finance's Anjalee Khemlani breaks down the details.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Angel Smith

Video transcript

SEANA SMITH: Teladoc announcing today that its CEO Jason Gorevic will be stepping down effective immediately. Now, the company's stock has been under pressure. You can see the reaction actually is still negative here today, off just about 7/10 of a percent. But since the start of the year, we've been down about 30%. It's down about 95% from its all-time high back in February of 2021. Here with the latest is Yahoo Finance's Anjalee Khemlani. Anj.

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ANJALEE KHEMLANI: That's right, Seana. And as you mentioned, off of its highs from 2021. We know that was right in the middle of the pandemic, which is the reason why you see the stock under pressure right now.

Telehealth in general has become so largely commoditized. And there's a lot of competition out there for Teladoc now. So it's really running up against all of that. Meanwhile, we know that Jason was at the helm of the company for more than-- for 15 years rather. The company, despite this news, is reiterating its guidance for the year, does have $1 billion cash on hand. So they are in a strong financial position.

And CFO Mala Murthy is taking over as interim CEO for right now. She did say in a letter, that Yahoo Finance took a look at, to employees that during the transition period, her focus will be on ensuring the company continues to operate effectively and delivers on commitments to clients and members, so looking at not disrupting the workflow yet. And the company did announce they're looking outside to replace Jason.