Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Allscripts Names Paul Black CEO; Strategic Evaluation Ends

RELATED NEWS
Trade MDRX now with 

Healthcare information service company Allscripts Healthcare Solutions Inc. (MDRX: Quote), Wednesday appointed board member Paul Black as its President and Chief Executive Officer, effective immediately. The Chicago, Illinois-based company also said it has formally concluded its evaluation of strategic alternatives.

Following the news, shares of the company plunged 15 percent in after-hours trade.

Black replaces Glen Tullman, who will also step down from the board. Lee Shapiro will step down as President immediately, and will serve as a consultant to Black for up to six months, the company said in a statement.

Last month, Allscripts had confirmed evaluating strategic alternatives following takeover interest from third parties, reportedly from private equity firms such as Blackstone Group LP (BX), Carlyle Group LP (CG) and Silver Lake Management LLC.

Nevertheless, commenting on the strategic alternatives process, Chairman Dennis Chookaszian said, "The Board conducted a thorough and rigorous review of strategic alternatives. The Board concluded, however, that the best course at this time is to develop Allscripts' long-term potential under the direction of our new management team."

Commenting on the appointment, Chookaszian said, "Paul possesses a unique blend of operational, healthcare and IT sector expertise, and we are pleased that he has agreed to lead the Company at this critical juncture."

MDRX closed Wednesday's trading at $10.68, down $0.06 or 0.56%, on the Nasdaq. In after hours trade, the stock lost $1.62 or 15.17%.

Register
To receive FREE breaking news email alerts for Allscripts Healthcare Solutions Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
A number of major retailers will be open on Thanksgiving for early Black Friday shopping events. Kohl's department stores will kick off Black Friday sales two hours earlier this year, at 6 p.m. Thanksgiving Day, while Macy's, Bon-Ton and Best Buy will open at the same time. J.C. Penney and Sears... Twitter Inc. has replaced its head of product Daniel Graf just six months after luring him over from Google, according to multiple reports. Graf, previously known for his work leading Google Maps, will retain his vice president of product title and work on Twitter's geolocation features, the Wall... LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its third quarter loss widened slightly from last year, as higher costs and expenses more than offset a 45% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.