Teladoc’s chief operating officer will leave at the end of the year

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Teladoc Health Chief Operating Officer Mike Waters is leaving the telehealth company at the end of the year, according to a securities filing released Tuesday.

Waters resigned “in connection with changes to the Company’s management reporting structure,” the motion said. He joined the company in 2022, previously serving as CEO of the Providence Ambulatory Care Network.

Waters’ departure is the latest leadership change at Teladoc, which is struggling as interest in virtual care declines amid the coronavirus pandemic. Longtime CEO Jason Gorevic left the company in April. A few months later, Teladoc tapped former insurance executive Chuck Divita to take the helm.

Laizer Kornwasser, previously president of enterprise development and global markets, was fired from his position in the summer. The virtual care company’s former chief accounting officer also left in May and was replaced by Joseph Catapano last month.

Teladoc’s stock price has fallen in recent years as the telehealth boom fades amid the Covid-19 pandemic. The company’s stock price closed at $8.75 on Wednesday, down significantly from more than $294 at its 2021 high point.

Teladoc also withdrew its full-year financial guidance when it announced second-quarter earnings in July. The supplier’s net loss widened to nearly $838 million in the quarter, led by a $790 million charge related to declining results at BetterHelp, a direct-to-consumer mental health products company.

During the earnings call, Divita said it is evaluating all aspects of the business, including strategic priorities, cost structure, product offerings and capital allocation.

“From an operational perspective, I see an opportunity to strengthen execution, streamline organization and further raise the bar on performance,” he said.

Teladoc declined to comment for this story.