One of Middle Tennessee’s largest publicly traded health care companies will begin the new year with a new leader.
Clover Health President Andrew Toy has been named CEO of the Franklin-based company, effective Jan. 1, according to a news release.
He replaces Vivek Garipalli, who will retain his role as executive chairperson following the transition.
The announcement comes more than a year after Clover was purchased by Palo Alto-based Social Capital Hedosophia Holdings for $4.2 billion, making it the largest M&A deal in Nashville for 2021.
Clover (Nasdaq: CLOV) is the seventh-largest publicly traded health care company in Middle Tennessee, according to Nashville Business Journal research, with $1.47 billion of revenue in 2021, more than double the $656.7 million of revenue the company reported the year prior.
Toy joined Clover in 2018 from Google, where he led enterprise operations for Android and ran machine learning, enterprise search and analytics for G-Suite, according to the release. Prior to Google, Toy was the co-founder and CEO of Divide, which created a split between work and personal data on mobile devices. Divide was purchased by Google in 2014 for a reported $120 million, making one-third of its 70 employees millionaires.
“I’ve always believed the right long-term leader for Clover will have a technology-first mindset,” Garipalli said in the release. “Andrew is a unique technologist and business strategist. He’s a true founder in every sense of the word — having built companies from scratch, he has an abundance of grit needed to solve the hardest problems in healthcare. He has the fastest learning speed of anyone I’ve ever met, and I believe his transition to CEO will give Clover a strategic edge overnight that will only continue to pay dividends for our mission moving forward.”
Founded in 2014, Clover Health’s platform aggregates patient data to assist clinicians in making decisions, with the goal of improving care, according to the release. The company has two lines of business: insurance — in which Clover provides health maintenance organization and preferred provider organization plans to Medicare Advantage members — and non-insurance — in which Clover provides programs aimed at reducing costs and improving care for fee-for-service Medicare patients.
“We’ve structured the relationship between the Executive Chairperson and CEO as inherently symbiotic. Vivek will continue to be active at the company well into the foreseeable future — just in a more strategic fashion,” Toy said in the release. “As a natural founder and entrepreneur, Vivek sees things nobody else sees, and his intuition is second to none. When he comes up with an idea, I immediately focus on making it happen because his predictions are so spot on. He has, time and again, made the impossible possible. While Vivek would no doubt continue to be an incredibly successful CEO of Clover for years to come, I know that his true passion is big picture strategy and the rapid, scrappy uncertainty that exists in the building stages of a company.”
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