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Cue Health CEO Steps Down as Company Begins Business Review

NEW YORK – Cue Health announced Wednesday that CEO, President, and Chairman Ayub Khattak has stepped down as the firm begins a comprehensive review of its business and operations. 

Cue Cofounder and Chief Product Officer Clint Sever will take over as CEO, effective immediately, while Khattak will remain a member of the board of directors, the company said in a statement. The board has also appointed two strategic advisers with expertise in the commercialization of diagnostics, healthcare regulations, and research and development, Paul Brown and Lisa Danzig. Brown was previously president and CEO of Roche Molecular Diagnostics, and Danzig served as global head of medical and scientific affairs at Grifols. 

The company said the comprehensive business review will focus on "assessing opportunities to refine and strengthen Cue's overarching strategy and cost structure." 

"Cue has an outstanding executive team, and we are confident that Clint can seamlessly assume the CEO role, given his deep experience, expertise, and familiarity with Cue," the board said in a statement. "As we look ahead, we believe it is important to implement these various actions while also reviewing our business with a focus on assessing opportunities to sharpen our strategy and reduce execution costs." 

The executive changes come after the firm announced its Q4 revenues fell 87 percent year over year and full-year 2023 revenues declined 85 percent compared to 2022. 

Last year, the company faced questions from shareholders about its strategic direction and cost structure, and it received letters from multiple shareholder groups advocating for a change in strategy and the appointment of independent board members. 

The firm has also implemented several cost-reduction plans that have included layoffs.