Embattled Chicago tech company Outcome Health finally has a new CEO in place.
In an email to employees, Outcome announced today that it has hired Matt McNally as its next chief executive. McNally was previously an executive at advertising company Publicis Health where he served as group president/chief media officer and oversaw four agencies within Publicis: Digitas Health, Publicis Health Media, Insync and Verilogue.
McNally will be based out of the company's New York office. He plans to travel to Chicago by late June or early July to meet with local employees, the email says.
"The addition of Matt, as the leader of our executive team, means our operational momentum can now more fully expand into growth of customer confidence, furthering our progress and helping us achieve our vision," the email reads.
The hire comes as Outcome looks to rebound from a fraud scandal that caused its CEO, Rishi Shah, and President, Shradha Agarwal, to step down from their day-to-day roles. Outcome, which makes advertising-enabled digital wallboards that are placed in doctors' offices, was accused of misleading advertisers on how many ads were actually being delivered. Following a Wall Street Journal story, Outcome was sued by its investors for fraud late last year.
Outcome settled the lawsuit with investors in January, and just last month named four new board members, including Mike Gamson, a top executive at LinkedIn.
McNally's hire is the latest chapter in a turbulent year for Outcome. Last year Outcome raised roughly $500 million from investors including Goldman Sachs, the Pritzker Group and Alphabet, valuing the company at more than $5 billion. It was the first outside funding for the 10 year-old company. The company had plans to move into a brand-new 400,000-square-foot office in River North and hire an additional 2,000 workers, but those plans were scrapped and the lease was terminated in December.
It was a long fall for one of Chicago's most promising tech companies. If a turnaround is possible, it begins today.
