HENDERSON, Nevada–(BUSINESS WIRE)–Ontrak, Inc. (NASDAQ:OTRK) (“Ontrak” or the “Company”), a leading healthcare company powered by AI and telehealth, today announced that Jonathan Mayhew will step down as CEO effective August 12, 2022. Mr. Mayhew cited family health reasons for his departure. He intends to be available to support the Society until the end of October 2022.
Terren Peizer, Founder and Executive Chairman, will take over as CEO from Mr. Mayhew’s departure. Mr. Peizer most recently served as CEO until April 2021, when he became executive chairman. He will continue to serve as Chairman of the Board of Directors. As CEO, Mr. Peizer will focus on the strategic direction of the company, the capital formation process and other corporate initiatives.
The Company also announced the following promotions of existing executives and organizational changes, which are effective immediately. Brandon LaVerne, current chief financial officer (CFO), has been promoted to co-president and chief operating officer with additional responsibilities over the company’s clinical, technology and product operations. James Park, current chief accounting officer, has been promoted to chief financial officer and assumes responsibilities for finance, human resources, legal, medical economics and investor relations, reporting to Mr. LaVerne. Mary Lou Osborne, current Chief Customer Officer, has been promoted to Co-President and Chief Commercial Officer. Ms. Osborne joined Ontrak in August 2021 from Aetna and will continue to focus on Ontrak’s pipeline growth, ongoing Ontrak and LifeDojo customer relationships and go-to-market strategy. As a result, Marketing and Business Development now falls under Ms. Osborne.
Terren Peizer, Founder and Executive Chairman, said, “Jon has built an exceptional multi-level leadership team that has positioned Ontrak for an orderly transition and future growth. I deeply appreciate his commitment to our customers, members and employees, and understand and respect his need to focus on his family at this time. Brandon LaVerne has done an excellent job as Jon’s strategic, financial and operational partner at Ontrak. Mary Lou Osborne comes to us with extensive experience and strong client relationships in the managed care space, which she has leveraged to build our pipeline. Together, Brandon and Mary Lou will continue to focus Ontrak on its enhanced, AI-infused clinical platform and growth opportunities. As I’ve shared internally, I believe our best days are ahead of us thanks to our leadership team, our people, our products, our technology, our clinical value proposition and especially our pipeline. As CEO, I look forward to focusing on the company’s capital structure and resources to expand the Ontrak program and customer experience to people with anxiety, depression and addiction across the country. . And of course, I am committed, through my investment arm, to financially support the company’s operations, as set forth in our SEC filings.
During Terren Peizer’s previous tenure as CEO, Ontrak grew from $2.7 million in revenue in 2015, to $7.8 million in 2017, to $84.1 million in 2021. The branch Mr. Peizer’s investment fund remains the company’s largest shareholder.
About Ontrak, Inc.
Ontrak, Inc. (f/k/a Catasys, Inc.) is a leading AI-based healthcare and telehealth company, whose mission is to help improve health and save lives of as many people as possible. Ontrak identifies, engages, activates and provides care-to-treatment pathways for the most vulnerable members of the behavioral health population who would otherwise fall through the cracks of the healthcare system. We engage people with anxiety, depression, substance use disorders and chronic illnesses through personalized coaching and personalized care journeys that help them receive the treatment and advocacy they need. they need, despite socioeconomic, medical and health system barriers that exacerbate the severity of their comorbid conditions. The company’s integrated response platform uses AI, predictive analytics and digital interfaces combined with dozens of care coach engagements to deliver better member health, better healthcare system utilization, lasting results and cost savings to health care payers.
Learn more at www.ontrakhealth.com.
Caution Regarding Forward-Looking Statements
Except for statements of historical fact, matters discussed in this press release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks. and uncertainties, many of which are beyond our control, which may cause actual results to differ materially from stated expectations. These risk factors include, among others, the impact of changes in management and organizational structure, regulatory changes or the issuance of new regulations or interpretations, limited operating history, our ability to execute our business plan , risks of retaining key personnel and customers, exploiting and protecting proprietary technologies, intense competition and substantial regulation in the healthcare industry, risks associated with the adequacy of our cash resources and our existing liquidity and ability to continue our business, the conditions precedent to funding the Keep Well agreement we have entered into with an affiliate of Terren Peizer and the ongoing covenants associated with such arrangement if we take advantage of it, our ability to raise additional capital when needed and the dilutive effect of additional capital silent. You are encouraged to consider statements that include the words “may”, “will”, “should”, “could”, “should”, “believe”, “estimate”, “plan”, “potential”, “would”. expects”, “plan”, “anticipate”, “intend”, “continue”, “plan”, “design”, “goal”, or the negative form of these words or other comparable words like being uncertain and forward-looking. For a more detailed list and description of the risks and uncertainties facing us, please refer to our most recent filings with the Securities and Exchange Commission, available on its website at http://www.sec .gov. These forward-looking statements speak only as of the date they are made, and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. except as required by law.