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Clover Health Announces Evolution of Leadership Roles to Best Support Future Growth

Vivek Garipalli to transition the role of CEO to Co-Founder and President Andrew Toy effective January 1, 2023; Mr. Garipalli to continue with Clover as Executive Chairperson moving forward

Clover Health Investments, Corp. announced that Vivek Garipalli, its founder and current Chief Executive Officer (“CEO”) and Chairperson, will transition his role of CEO to Co-Founder and President Andrew Toy, effective January 1, 2023. Mr. Garipalli will continue on with many responsibilities in the role of Executive Chairperson, working closely with Mr. Toy to ensure a seamless transition and long-term collaborative relationship to best achieve Clover Health’s mission to Improve Every Life.

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“I’ve always believed the right long-term leader for Clover will have a technology-first mindset,” said Mr. Garipalli. “Andrew is a unique technologist and business strategist. He’s a true founder in every sense of the word — having built companies from scratch, he has an abundance of grit needed to solve the hardest problems in healthcare. He has the fastest learning speed of anyone I’ve ever met, and I believe his transition to CEO will give Clover a strategic edge overnight that will only continue to pay dividends for our mission moving forward.”

“This is the culmination of a succession plan we’ve had in place since Andrew joined Clover as CTO and led the development of Clover Assistant. Most critically, he has an important and unique connection to our mission and vision, the ambition of which cannot be overstated. He has my trust to lead us on that continued path,” said Mr. Garipalli.

“I’ve been dedicated to the success of Clover from the very beginning, investing over $40 million of capital to build the business. I truly believe in the fundamental value of this company, and that is why I’ve never taken a salary or sold my shares in the business. It has long been our mission to improve every life by helping to improve clinical decision making at a scale that enables equitable care. This transition puts us in the best position to continue our work towards that goal,” said Mr. Garipalli.

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“We’ve structured the relationship between the Executive Chairperson and CEO as inherently symbiotic. Vivek will continue to be active at the company well into the foreseeable future — just in a more strategic fashion,” said Mr. Toy.

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“As a natural founder and entrepreneur, Vivek sees things nobody else sees, and his intuition is second to none. When he comes up with an idea, I immediately focus on making it happen because his predictions are so spot on. He has, time and again, made the impossible possible. While Vivek would no doubt continue to be an incredibly successful CEO of Clover for years to come, I know that his true passion is big picture strategy and the rapid, scrappy uncertainty that exists in the building stages of a company. In this more strategic role, he can continue to lean into his strengths and bring outsized value to Clover and to me as CEO.”

“Vivek understands better than anyone the litany of challenges facing our healthcare system from top to bottom, yet he still founded Clover Health to deliver a business model designed to staunchly offer equitable access to healthcare,” said Mr. Toy. “He realized early on that we need to challenge basic assumptions about the outmoded ways various programs function today, and I’ve been immensely fortunate to be able to work alongside him as we continue on our path.”

Mr. Toy joined Clover from Google, where he coordinated enterprise activities for the Android team and ran Machine Learning, Enterprise Search and Analytics for the G-Suite team. Before that, he was the CEO and Cofounder of Divide, a company focused on creating a split between work and personal data on mobile devices, which was acquired by Google in 2014. He earned his BS and MS in Computer Science from Stanford. Since joining Clover Health in 2018, Mr. Toy has worked with the Clover team to launch Clover Assistant and a new line of business in Fee-for-service Medicare. Mr. Toy has served as a member of Clover’s board of directors since 2018 and became President in 2019.

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