Shares of healthcare services provider Cano Health (NYSE:CANO) are up in double digits at the time of writing today after the company announced a major leadership change with a focus on enhancing value for investors.
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Mark Kent, the company’s Chief Strategy Officer is taking over as its interim Chief Executive Officer with immediate effect while Cano scouts for a candidate to fill the role permanently. Dr. Marlow Hernandez is stepping down as the CEO but will continue to remain on its board.
Further, Cano is also coordinating with Russell Reynolds’ Board Advisory Group to refresh its Board over the coming months. This includes bringing in new independent directors.
Importantly, the development comes after Elliot Cooperstone, Lewis Gold and Barry Sternlicht resigned from Cano Board, and over 75% of votes at Cano’s annual shareholder meeting withheld support for director candidates standing for reelection.
Overall, the Street has a $2.09 consensus price target on Cano alongside a Hold consensus rating. Shares of the company have tanked nearly 73% over the past year while short interest in the stock currently stands at about 12.5%.
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