David Sides has been named president and CEO of NextGen Healthcare, an ambulatory-focused technology company that develops electronic health record software.
NextGen, which has a market cap of more than $1 billion, has been led by an executive committee since June after reaching a mutual agreement with its previous President and CEO Rusty Frantz.
Sides joins NextGen from Teladoc Health, where he has served as chief operating officer and led the company’s worldwide commercial and operations teams. During his time at Teladoc, the company doubled its revenue in 2020 and is on track to exceed $2 billion in 2021. He will take on his new role at the helm of NextGen September 22.
“David’s appointment marks the conclusion of a successful CEO search process, during which we evaluated a number of highly qualified candidates over the past weeks. David stood out as the ideal person to serve as NextGen Healthcare’s CEO and guide our next stage of growth and success,” said Jeffrey H. Margolis, chair of the board of directors. “With David on board, NextGen Healthcare has a powerhouse management team that defines what leadership should look like: continuing stability in operations and customer delivery, upgraded strategic industry knowledge, and a seasoned and experienced leader as CEO.”
NextGen has been embroiled in a proxy campaign launched by Founder Sheldon Razin, who has been seeking an alternate slate of directors to upset leadership at the company. Razin sits on the board of directors and has accused Chairman Jeffrey Margolis of ineffective growth and an “imperial boardroom culture.”
Sides has also been appointed to NextGen’s slate of nominees for the board of directors for the upcoming Annual Meeting. The company has a nine-member slate of nominees for the Annual Meeting.
“Not only is David extremely qualified to serve as NextGen Healthcare’s CEO, but he also rounds out our outstanding director slate which is differentiated by its significant experience in healthcare and healthcare information technology,” Margolis said. “The Board has every confidence that the Company is well-positioned to accelerate its leadership position in the rapidly evolving healthcare industry with our expanded solution offerings––and with David at the helm, we now have the right team to get us there.”