Clover Health Announces Departure of Chief Financial Officer; Reiterates Most Recently Issued Financial Guidance for 2023
December 21 2023 - 8:00AM
Clover Health Investments, Corp. (Nasdaq: CLOV) (“Clover” or the
“Company”) a physician enablement company committed to bringing
access to great healthcare to everyone on Medicare, today announced
that Scott J. Leffler, its Chief Financial Officer, will be leaving
the Company on January 26, 2024 in order to pursue another
professional opportunity. Mr. Leffler noted to the Company that his
departure does not reflect any disagreement with the Company on any
matter relating to the Company’s operations, policies or practices.
In addition, the Company reiterates its most recently issued
financial guidance for the full fiscal year 2023, which was updated
as part of its earnings release on November 6, 2023.
The Company has initiated a search to identify a
successor Chief Financial Officer, and has created a search
committee to oversee the process to replace Mr. Leffler. Mr. Lee A.
Shapiro, a member of the Clover Board of Directors and Chair of its
Audit Committee, will lead the search committee that will oversee
the process to replace Mr. Leffler. Mr. Shapiro previously served
as Chief Financial Officer of Livongo Health, Inc., a tech-enabled
services company that helps individuals with chronic conditions to
live better and healthier lives, until November of 2020.
Additionally, the Company has engaged a leading executive search
firm to assist the search committee in finding a Chief Financial
Officer for the next stage of the Company’s growth.
Andrew Toy, Clover’s Chief Executive Officer,
said, “It has been a pleasure to work with Scott and I want to
thank him for all that he has done to help Clover mature as a
public company and to set us on our path to profitability. We are
grateful for the many contributions he has made to the Company,
which we are confident have strengthened Clover and positioned us
well to succeed in both our short- and long-term goals. On behalf
of myself and the Company, we wish Scott well in his new
opportunity.”
“Working with Andrew and the team at Clover in
its mission to improve every life has been truly rewarding,” said
Mr. Leffler. “While I am very excited for my new opportunity, I
remain a strong supporter of Clover and look forward to seeing it
succeed.”
About Clover Health
Clover Health (Nasdaq: CLOV) is a physician
enablement company committed to bringing access to great healthcare
to everyone on Medicare. This includes a health equity-based focus
on seniors who have historically lacked access to affordable,
high-quality healthcare. Our strategy is powered by our software
platform, Clover Assistant, which is designed to aggregate patient
data from across the healthcare ecosystem to support clinical
decision-making and improve health outcomes through the early
identification and management of chronic disease. We operate two
distinct lines of business: Insurance and Non-Insurance. Through
our Insurance line of business, we provide PPO and HMO Medicare
Advantage plans in several states, with a differentiated focus on
our flagship wide-network, high-choice PPO plans. Our Non-Insurance
line of business similarly aims to reduce cost-of-care while
enhancing the quality of care for patients enrolled in Original
Medicare.
Forward-Looking Statements
Please note that this press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include statements regarding future events and Clover
Health’s future results of operations, financial position, business
strategy and future plans. Forward-looking statements are not
guarantees of future performance, and you are cautioned not to
place undue reliance on such statements. In some cases, you can
identify forward looking statements because they contain words such
as “may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“going to,” “can,” “could,” “should,” “would,” “intends,” “target,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“potential,” “outlook,” “forecast,” “guidance,” “objective,”
“plan,” “seek,” “grow,” “target,” “if,” “continue” or the negative
of these words or other similar terms or expressions that concern
Clover Health’s expectations, strategy, priorities, plans or
intentions. Forward-looking statements in this press release
include, but are not limited to, statements regarding expectations
related to Clover Health’s profitability, liquidity, future
performance, future operations and future results. These statements
are subject to known and unknown risks, uncertainties and other
factors that may cause Clover Health’s actual results, levels of
activity, performance or achievements to differ materially from
results expressed or implied in this report. Additional information
concerning these and other risk factors is contained in Clover
Health’s most recent Annual Report on Form 10-K, filed with the
Securities and Exchange Commission (the “SEC”) on March 1, 2023 and
in our subsequent Quarterly Reports on Form 10-Q filed with the SEC
on May 9, 2023, August 8, 2023 and November 6, 2023, in each case
where relevant, including the Risk Factors sections therein, and in
its other filings with the SEC. The forward-looking statements
included in this press release are made as of the date hereof.
Except as required by law, Clover Health undertakes no obligation
to update any of these forward-looking statements after the date of
this press release or to conform these statements to actual results
or revised expectations.
Press Contact:Andrew
Still-Baxterpress@cloverhealth.com
Investor Relations Contact:Ryan
Schmidtinvestors@cloverhealth.com
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