Cano Health stock rallies 20% after CEO steps down

Shares of Cano Health Inc. (CANO) jumped nearly 20% in the aftermarket Friday after the primary-care provider said that Chief Executive Marlow Hernandez has agreed to step down, effectively immediately. Hernandez will remain on the company's board of directors. Cano said it appointed Chief Strategy Officer Mark Kent as interim chief executive while it works to identify a permanent replacement "and to refresh the Board with additional new independent directors." The leadership change is intended to "advance execution of the company's strategy for stockholder value creation," Cano said. The company "needs to identify the right individual to take Cano Health to the next level--a proven operator who, as CEO, can accelerate execution of the company's value creation plan to drive sustainable profitable growth for our stockholders," Chairman Solomon Trujillo said in a statement. Cano in April separated the roles of chairman and chief executive amid shareholders discontentment Shares of Cano ended the regular trading day down 3.9%.

-Claudia Assis

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06-16-23 1722ET

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