Allscripts Health Solutions Inc., a provider of electronic health records, fired its chief executive officer of more than a decade and said the company no longer plans to sell itself. The shares fell as much as 19 percent.
Glen Tullman, who joined Allscripts in 1997 and was the CEO since the company first sold shares to the public in July 1999, was terminated without cause, Chicago-based Allscripts said in a regulatory filing. He was replaced by Paul Black, 54, a current board member and former chief operating officer of Cerner Corp., a competing health-care information company.
Allscripts began seeking a sale after a board upheaval and shareholder lawsuit earlier this year that questioned its leadership. In September, the company lost a bid for a $302 million contract from New York City's public hospitals and last month reported third-quarter revenue declined.
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