Virtual behavioral healthcare company TalkSpace announced that its co-founder and CEO, Oren Frank, has left the company. Co-founder Roni Frank is also stepping down from her role on the board. They will serve as Strategic Advisors to the Board for the next 6 months to provide continuity and strategic direction.
As part of the transition plan, Chairman Douglas Braunstein will step in as interim CEO to oversee the executive leadership team until a new CEO has been identified.
Oren and Roni Frank co-founded Talkspace in 2012, with a mission to democratize access to high-quality behavioral health services. The company went public on the Nasdaq in June with a debut at $8.90. Shares closed Tuesday at $2.17.
The plunging share price follows the company’s announcement in an earnings call this week that it was revising annual and long-term guidance because of the CEO change and the company’s poor financial performance in the third quarter. Read more.
