Another Talkspace executive will leave the company, which has been a turbulent week for mental health startups.
A few days later The two co-founders of the company leave, Talkspace COO Mark Hirschhorn will also resign, effective immediately. Talkspace declined to elaborate on the reason for his departure, only saying It follows internal review His behavior when he was away from the company last week.
Hirschhorn joined Talkspace in early 2020 as the chief financial officer.He previously served as Teladoc’s CFO until 2018 due to Misconduct Allegations.
Earlier this year, when Talkspace introduced Former Eli Lilly executive Jennifer Fulk In order to take charge of finances, he assumed the new role of the company’s chief operating officer.
His departure was less than a week after Talkspace co-founder and CEO Oren Frank and clinical services director Ronnie Frank. Relinquish company leadership To investors who helped Talkspace go public. Both received a severance payment of $750,000 and will retain all stock options prior to the merger.
With the departure of the founder, and after two disappointing earnings reports, as competitors actively raise funds and receive support from health plans, the company’s future has begun to be questioned.
In June, Talkspace went public through a merger with a special purpose acquisition company created by former JP Morgan Chase executive Doug Braunstein. then, It received a valuation of 1.4 billion U.S. dollars. Now, because its stock is trading at a price slightly higher than $2, the company’s market value is less than a quarter of its value, at $330.5 million.
As Talkspace seeks new leadership, Braunstein will serve as the company’s CEO during this period. Co-founders Oren and Roni Frank will also serve as strategic advisors to the company’s board of directors for the next six months.
Photo Credit: Getty Images, Martin Barrow
