Health care technology company Tabula Rasa HealthCare on Wednesday announced that co-founders Calvin Knowlton, board chairman and CEO, and Orsula Knowlton, co-president and chief marketing and new business development officer, will retire from the company and step down as members of the board of directors, effective immediately.
The Moorestown-based company has named co-President Brian Adams as interim CEO while the board runs a comprehensive process to identify a permanent replacement. Adams formerly served as the company’s chief financial officer. His broad management experience includes strategic planning, business performance optimization and financial integration for mergers & acquisitions.
The company has also named Jonathan Schwartz to the board of directors, effective immediately, and Director Michael Purcell as independent chair of the board. Purcell has served as an independent director on the board since 2018 and has served as chair of the Audit Committee since 2019.
Purcell said: “On behalf of the company, I extend my sincerest thanks to the Knowltons for their dedication and leadership throughout the last 13 years. The Knowltons have helped establish a strong foundation for the company, and with our team of proven senior executives in place, I am highly confident in the future of Tabula Rasa. Brian is the right choice for interim CEO, and, under his leadership, we will continue to capitalize on growth opportunities and enhance our unique position in the market to deliver long-term, sustainable value.”
In addition to the leadership transition, TRHC announced that it has entered into a cooperation agreement with Indaba Capital Management. RBC Capital Markets LLC is serving as financial adviser, and Morgan, Lewis & Bockius LLP is serving as legal counsel to TRHC. Olshan Frome Wolosky LLP is acting as legal counsel to Indaba.