Allscripts Healthcare Solutions Inc. said late Wednesday that its top two executives are stepping down immediately and it has appointed a board member to take over their duties.
The healthcare information technology company said its board completed a strategic review of all its alternatives and decided that the best course for the company the leadership of a new management team.
The company's stock fell 19 percent in after-hours trading on the news.
Allscripts named Paul M. Black as its president and CEO. Black is a former chief operating officer of Cerner Corp. and a current Allscripts board member.
Black replaces Glen Tullman, who is stepping down from his positions as CEO and board member. Tullman began work at Allscripts in 1997 when it was unprofitable and helped lead the company through a turnaround. Lee Shapiro also will step down as president of the company and will serve as a consultant to Black for up to six months.
Allscripts also recently hired a new chief financial officer.
"We will improve the execution of our strategic vision, deliver on our worldwide client commitments, and continue to innovate," Black said. "Our focus will be on creating long-term value for our shareholders."
Shares fell $2.03 to $8.65 in after-hours trading on the news.