This article first appeared in Boston Business Journal, a sister publication of BostInno.
Athenahealth (Nasdaq: ATHN) first announced it was looking for a new chairman last August, several months after activist investor Elliott Management bought a 9 percent stake in the healthcare IT company. Bush will stay on the board, which now consists of 11 directors.
“Jeff shares our vision for more connected, efficient, and human-centered healthcare; and like us, believes a platform-oriented business and technology strategy is fundamental to executing against that vision,” Bush said in a statement.
In its statement announcing Immelt’s appointment, athenahealth touted his track record growing GE Healthcare from a $3 billion business to a $20 billion business during his time leading that division.
“I have long been inspired by founder-led companies and their ability to outperform and out-innovate peers,” Immelt said in a statement. “In this regard, I have great respect for all that athenahealth has accomplished and its passionate culture, which has been such an important contributor to the company’s success.”
Immelt will receive a $60,000 annual cash retainer paid in quarterly installments, an annual equity award for 2018 of restricted stock units with a value of $281,250, and an annual cash retainer fee of $50,000 for serving as the chairman, according to a regulatory filing.
Athenahealth said Immelt also plans to purchase approximately $1 million of athenahealth common stock in the open market.
Immelt was also recently named a venture partner at New Enterprise Associates, one of the country’s biggest venture capital firms. He stepped down as CEO of GE (NYSE: GE) in August after a 16-year tenure.