Athenahealth ( ATHN) , a provider of cloud-based services for health care and point-of-care mobile apps, said on Tuesday that it is removing the president and chairman titles from Jonathan Bush, the company's CEO.
Bush will retain his position as Athenahealth's CEO. Shares of the company were climbing over 5% during midday trading on Tuesday.
The move comes in conjunction with the company's pledge for a strategic review, including about $100 million in cost-saving opportunities.
Less than two months ago, activist hedge fund Elliot Associates accumulated a 9% stake in the company, demanding changes to improve its profits.
The decisions were "influenced by feedback and guidance from all our shareholders, as well as from an external consulting firm," an Athenahealth spokeswoman said.
Watch More with TheStreet: