Ritchey arrives from Verato, where he served as chief executive, bringing a background in healthcare master data management. His resume also includes leadership stints at Evariant and Equinox Healthcare. Under his new compensation package, Ritchey will command a $500,000 base salary, supplemented by performance bonuses and an equity grant valued at $4 million.

Coop, who served as CEO since June 2024, departed the company and its board on August 31. The firm stated the resignation did not stem from disputes regarding operations or corporate policies. The company now faces a critical juncture as it weighs the acquisition proposal from Advent International, which was disclosed alongside the announcement of the new leadership appointment.