NextGen Healthcare, a California-based electronic health record company and provider of ambulatory-focused technology services, and its president and CEO, Rusty Frantz, have reached a mutual agreement for Frantz to step down from his role, effective immediately.
In addition, Frantz will no longer serve as a member of the board of directors. An executive leadership committee has already been established to temporarily lead the company and search for a new leader, and several executives are sitting on the search committee.
The committee will also work with a newly established board oversight committee, which includes independent directors Jeff Margolis, non-executive chairman of the board, and Craig Barbarosh, vice chairman of the board.
“On behalf of the Board, we thank Rusty for leading NextGen Healthcare through a successful operational reinvention,” Margolis said in a statement. “Today, the company benefits from the highest-quality solution offerings in ambulatory healthcare, best-in-class customer service and satisfaction levels, and an exceptionally engaged team of executives and employees who daily live a culture that believes in better. We wish Rusty the best.”
The company also affirmed its outlook for fiscal year 2022, projecting revenue between $574 million and $584 million.
The announcement of the executive shakeup comes just four weeks after NextGen named Srinivas (Sri) Velamoor as its chief growth officer, a new position for the company.