The board of directors of athenahealth unanimously appointed Jeff Immelt, former GE chairman and CEO, chairman of athenahealth, effective February 7, 2018.

“We are thrilled to welcome Jeff as the new independent chairman of the athenahealth board,” said Dev Ittycheria, chair of the board’s Nominating and Corporate Governance Committee. “Having considered a number of highly qualified candidates, the board determined that Jeff’s deep expertise and broad relationships in the healthcare industry, combined with his drive for industry transformation through innovation, ideally position him to be a great partner to the board and management team as we work to profitably grow and scale the company and drive value creation.”

While at GE, Immelt helped grow GE Healthcare from a $3 billion enterprise to a $20 billion innovator with unique assets and capabilities. GE Healthcare diversified its portfolio from imaging to life science and digital services, building leadership positions by delivering valuable solutions to providers and patients. GE Healthcare was a consistent grower in revenue and profits. Immelt also brings a deep understanding of system economics and patient outcomes given GE’s position as a larger payer of healthcare benefits.

Jonathan Bush, athenahealth’s CEO, said, “Jeff shares our vision for more connected, efficient, and human-centered healthcare; and like us, believes a platform-oriented business and technology strategy is fundamental to executing against that vision. His appointment as chairman is one of many important steps the company has taken over the past year to enhance the board and management team, as well as to strengthen and focus our operational and go-to-market strategy. I’m confident athenahealth will continue to create sustainable value for shareholders, open new opportunities for employees and is well-positioned to not only deliver highly-differentiated benefits to both our current and future clients, but also to lead the industry’s next wave of innovation, openness and efficiency.”

Immelt said, “I have long been inspired by founder-led companies and their ability to outperform and out-innovate peers. In this regard, I have great respect for all that athenahealth has accomplished and its passionate culture, which has been such an important contributor to the company’s success. athenahealth has great potential to drive the next wave of disruptive change across the healthcare industry, particularly among medical practices, hospitals and health systems that are challenged by administrative burden and data silos. I look forward to lending my perspectives and expertise to support Jonathan, the board and the athenahealth team in athenahealth’s own journey to grow and scale.”

Immelt’s appointment as independent chairman is part of a series of strategic initiatives that athenahealth launched in 2017 to create a more focused and efficient company, drive increased levels of profitable growth and enhance shareholder value. As part of these initiatives, the company has added new expertise to its leadership team, including the appointment of a new chief financial officer and a new independent director.

The company expects the operating initiatives will generate $100 million to $115 million of gross pre-tax expense savings and significant margin improvement. With the addition of Immelt, the athenahealth board has been expanded to 11 members, including nine independent directors.

Immelt will make a financial investment in athenahealth, and plans to purchase approximately $1 million of athenahealth common stock in the open market.

Immelt was the 9th Chairman of GE, a position he held for 16 years. During his tenure, industrial earnings doubled and GE returned $143 billion in dividends, more than in the cumulative history of the company. Additionally, under his leadership, GE built a digital industrial platform, Predix, with $1 billion in annual orders.