Tabula Rasa HealthCare Inc. announced a major shakeup to its leadership team Sept. 14. The Moorestown-based company also said it entered into a cooperation agreement with Indaba Capital Management, its largest stockholder with an approximately 25% equity stake, to “refresh” the company’s board of directors. 

The medical tech company’s co-founders – CEO and Chairman Calvin Knowlton and Orsula Knowlton, who serves as co-president and chief marketing and new business development officer – will retire from the company and step down as members of the board, effective immediately.  

Director Michael Purcell has been named independent chair of the board. Co-president Brian Adams will serve as interim CEO until a permanent successor is named. The Knowltons will stay on as consultants through the end of the year. 

Additionally, the company announced plans to seek stockholder approval at its upcoming 2023 annual meeting for the declassification of the board, with the goal of fully declassifying the group by the 2025 meeting.   

As part of the agreement with Indaba – along with the Knowltons’ departure and Purcell’s new role on the board – Derek Schrier and Jonathan Schwartz have been appointed to the board, and A. Gordon Tunstall will step down as lead independent director, effective immediately, and will eventually retire from the board. 

The board will form a review committed to oversee the company’s “strategic process relating to the sale of non-core assets and explore other value creation opportunities with a view toward maximizing stockholder value.” 

Schrier, managing partner and chief investment officer of Indaba, said, “We are pleased to have reached a constructive agreement with the Company that has led Tabula Rasa to refresh its board, improve its corporate governance and start a new chapter in the Company’s history.” 

The transition 

Purcell and Adams thanked the Knowltons for their leadership over the past 13 years. 

“The Knowltons have helped establish a strong foundation for the Company, and with our team of proven senior executives in place, I am highly confident in the future of Tabula Rasa,” said Purcell, who also expressed confidence in Adams’ leadership. 

Adams added, “Our business has strong momentum with a robust pipeline for continued growth as more health plans and at-risk providers rely on our innovative pharmacy services, medication risk management technology and business solutions.” 

The Knowltons expressed gratitude for being able to make a “meaningful difference” and “positively impact the lives of so many” through their work at Tabula Rasa. 

About the new leaders 

Purcell has served as an independent director on the board since 2018 and as chair of the audit committee since 2019. He was an audit partner at Deloitte and Touche for 36 years and is now a consultant for companies and venture funds. He is the lead director and audit chair for International Money Express and other for-profit entities. 

As co-president, Adams oversees strategy, sales and account management, professional affairs, IT and software engineering, human resources, legal and finance. He previously was the company’s chief financial officer.