Name: Christian Greyenbuhl
Previous title: CFO, Ministry Brands
New title: CFO, Veradigm
Greyenbuhl will take up the CFO position effective May 11 or the first business day after the health IT company files annual financial reports for 2023 and 2024, whichever is later, Veradigm said Monday.
He’ll replace Lee Westerfield, who was named interim CFO in December 2023 after his predecessor and the company’s former CEO were asked to resign as Veradigm struggled to complete financial reporting requirements to remain listed on the Nasdaq.
Veradigm was ultimately delisted in early 2024 for failing to report annual or quarterly earnings since November 2022 due to what the company said were “internal control failures.”
The health IT company, which offers a range of analytics, revenue cycle and practice management products for healthcare and life science companies, has recently since made some progress on getting up to date with its financial reporting, releasing its full year results for 2022 last year. Veradigm plans to next release its 2023 and 2024 annual reports and expects to get up to date on its financial filings this year.
Greyenbuhl’s appointment marks “an important milestone” for Veradigm as it embarks on a strategic reset and works to get up to date on its filings, a spokesperson told Healthcare Dive.
“Our work to get current and stay current on our SEC filing is progressing,” CEO Donald Trigg, who started in his role last summer, said in a statement. “With Christian’s arrival, the team required to drive our strategic reset, recover our market leadership with independent physician practices, and reignite profitable growth will be largely in place.”
Greyenbuhl joins Veradigm from Ministry Brands, a technology company that provides management software to churches and other nonprofit organizations, where he held the chief finance role since November 2022.
He also previously held leadership roles at business and payment software company Xplor Technologies and human resources technology firm ADP.
Greyenbuhl will receive a base salary of $580,000, as well as a sign-on bonus of $300,000, according to a securities filing. He’ll be eligible for a target annual bonus of 75% of his base salary and receive $3 million in stock, some of which is based on performance.
The appointment comes as the health IT firm has embarked on a strategic turnaround to spur profitable growth and improve its market position with independent physician practices.
Last year, Veradigm laid off 15% of its total workforce, and cut back on offices and “low revenue” products, management said in February.
