News: Biofourmis CEO resigns abruptly after layoffs; firm begins new CEO search


Biofourmis CEO resigns abruptly after layoffs; firm begins new CEO search

Based in Boston, the company is bringing Ben Wanamaker as a new member of its board of directors.
Biofourmis CEO resigns abruptly after layoffs; firm begins new CEO search

Biofourmis, an AI-driven remote monitoring and digital therapeutics firm, has officially announced that its co-founder, Kuldeep Singh Rajput, has resigned from his position as CEO. This development comes merely a month after the company executed a global workforce reduction, affecting 120 employees across the globe, with 48 individuals based in the United States.

"He remains committed to providing support and advice to the company going forward. We thank Kuldeep for his vision and service to Biofourmis and wish him success in his future endeavours, and we are conducting a search for a new chief executive,” Biofourmis told MobiHealthNews in an email. 

The company, headquartered in Boston, has announced the appointment of Ben Wanamaker to its board of directors. He will take charge of the newly established "Office of the CEO."

"The company has instituted an Office of the CEO, which includes Maulik Majmudar, chief medical officer and cofounder of Biofourmis; Renika Seghal, chief financial officer; Milan Shah, chief technology officer; Daniel Song, general counsel; and Jaydev Thakkar, chief operating officer. This Office of the CEO will direct the company’s regular operations and Ben Wanamaker will have oversight of the Office," said the company. 

In his most recent role, Wanamaker held the position of Vice President of Enterprise Strategy at Humana. Prior to this, he had served as Vice President and General Manager of Analytics Product at Aetna. Additionally, he had been the Director of Strategy and Operations of Health Services at Walmart.

Last month, the company carried out workforce reductions primarily targeting operational and administrative roles. This strategic move was undertaken to redirect efforts towards "expediting growth within the US market."

Roughly a year following the achievement of a significant milestone, wherein the company secured $300 million through its Series D funding round, it transitioned into unicorn status, obtaining a valuation of $1.3 billion. Subsequently, four months later, an additional infusion of $20 million was incorporated into its Series D funding round.

During the year 2020, Biofourmis raised $100 million through its Series C funding round.

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Topics: Leadership, #Layoffs, #HRTech, #HRCommunity

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