VANCOUVER, British Columbia, April 06, 2022 (GLOBE NEWSWIRE) -- CloudMD Software & Services Inc. (TSXV: DOC, OTCQX: DOCRF, Frankfurt: 6PH) (“ CloudMD ” or the “ Company ”), a healthcare technology and innovative health services company transforming the delivery of care, today announced that the Company’s founder, Dr. Essam Hamza, will be stepping down as Chief Executive Officer (“ CEO ”) as of Monday, May 2, 2022. Dr. Hamza will remain on the Board of Directors and act as a strategic advisor to the Company. The Board of Directors unanimously appointed President, Karen Adams to assume the role of Interim CEO until a successor is appointed.
Over the last five years, Dr. Hamza has led CloudMD through significant growth and transformation, resulting in the company that CloudMD is today: a comprehensive, connected healthcare ecosystem with over 800 employees across North America. The founding principles that have guided CloudMD through its aggressive growth phase will continue to be the Company’s guiding light as it transforms the way healthcare is delivered.
“On behalf of the Board, I want to thank Essam for his entrepreneurial leadership and his hard work these past years, building an organization that is leading the industry in access to healthcare services,” said Mark Kohler, Chair of the Board of Directors of CloudMD .“Under Essam’s leadership, CloudMD’s business and revenue have increased in an extraordinary way. Essam has also gathered an impressive team with operational management depth throughout the organization, giving me confidence in the Company's ability to transition to new leadership seamlessly, capitalize on strategic opportunities, and deliver value to all stakeholders.”
The Company’s Board of Directors unanimously appointed CloudMD’s current President, Karen Adams, to assume the role of Interim CEO effective Monday, May 2, 2022, until the permanent CEO is appointed to lead the Company. The Board has initiated a process to identify the permanent CEO. Ms. Adams has been with CloudMD for the last two years, being appointed to the role of President in June 2021 and joining the Board of Directors in November 2021. She has over 25 years of senior executive experience in transforming companies, building brands, scaling organizations, and driving change and improvement in the healthcare solutions industry. During her time with CloudMD, Ms. Adams has built the Company’s strategic road map within its Enterprise Health Division, Digital Health Services Division, and mental health support solutions, and has significantly increased revenues, driven cost optimizations and launched geographic expansion. Prior to joining the Company, Ms. Adams held executive roles with Forum Corporation, Cira Health Solutions (SCM Insurance Services) and Morneau Shepell (Lifeworks) where she rebuilt brands, business strategies and positioned these companies for long term for growth.
Dr. Essam Hamza, CloudMD’s transitioning CEOcomments, “ Over the last few years, CloudMD has gone through significant growth including the completion of over 15 acquisitions, which are expected to add over $100 million in annual revenue. The business has changed from a connected network of clinics to a leading comprehensive healthcare provider, and I could not be prouder of the team on their ability to execute. It is time for the Company to move away from its founder, and I will be stepping down as CEO and passing the baton so a new CEO can lead the Company through its next phase of growth. I look forward to supporting the entire executive team through the Company’s next stage.”
Karen Adams, CloudMD’s Interim CEO said, “I am honoured that the Board has the confidence in me to begin to lead CloudMD into our next phase of growth. I am excited to work with the whole team to build the business, leveraging our differentiators to deliver results for our shareholders and stakeholders, including clients, network providers, and employees. The team will continue developing existing and additional capabilities underpinned by technology. We will continue investing in our employees through learning and development and create more opportunities for each employee to have a voice in new ideas, products, and services. I have worked alongside Essam for the last two years through the Company’s transformation and I am proud of what the Company has accomplished during that time. ”