AdaptHealth Appoints Stephen Griggs Chief Executive Officer
June 14 2021 - 5:35PM
Business Wire
AdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or the
“Company”) announced today that its Board of Directors (the
“Board”) has appointed Stephen Griggs as Chief Executive Officer of
the Company, effective immediately. Mr. Griggs, who is also a
member of the Board, joined AdaptHealth in February 2021 as Co-CEO
following the Company’s acquisition of AeroCare Holdings, Inc.,
which Mr. Griggs founded and led as President and CEO.
The Company also announced that Luke McGee has resigned from his
positions as Co-CEO of AdaptHealth and a member of the Board.
A Special Committee of independent directors, established by the
Board to oversee a thorough investigation of any connection between
Mr. McGee’s private activities and the Company, retained DLA Piper,
an independent law firm, to conduct this investigation. DLA Piper
reported to the Special Committee on June 11, 2021 that the
investigation is substantially complete and that they could state
with a high degree of confidence that the Company had no
involvement in, or connection to, Mr. McGee’s alleged conduct.
“Steve’s extensive management experience, along with health
sector expertise and a proven record building high-growth
companies, has already been instrumental in bolstering
AdaptHealth’s growth trajectory. The board has complete confidence
in his ability to lead the company to even greater success as CEO,”
AdaptHealth Board Chair Richard Barasch said. “I thank the Special
Committee for moving quickly and diligently to establish the facts,
and we now look forward to dedicating our full energies to
achieving our strategic and operational objectives.”
Mr. Griggs said, “I look forward to leading AdaptHealth into the
next phase of its growth with some of the best management talent in
the business – President Josh Parnes, CFO Jason Clemens and the
rest of our senior team. AdaptHealth has never been stronger and
with the integration of AeroCare firmly on course, we can focus our
full attention on delivering strong organic growth in our core
business, enhancing our role in chronic disease management and
deploying capital on strategic M&A opportunities.”
Mr. Griggs founded AeroCare in 2000 to provide oxygen,
respiratory therapy services and home medical equipment to the home
and healthcare market. Under his leadership, AeroCare achieved 20
years of consecutive revenue growth, driven by a combination of
strong organic growth and targeted acquisitions. Mr. Griggs
received his B.S.B.A. in Business Management from East Tennessee
State University, and his B.S.B.A. in Accounting (Summa Cum Laude)
from the University of Central Florida.
About AdaptHealth Corp.
AdaptHealth is a leading provider of home healthcare equipment,
medical supplies to the home and related services in the United
States. AdaptHealth provides a full suite of medical products and
solutions designed to help patients manage chronic conditions in
the home, adapt to life and thrive. Product and services offerings
include (i) sleep therapy equipment, supplies and related services
(including CPAP and bi PAP services) to individuals suffering from
obstructive sleep apnea, (ii) medical devices and supplies to
patients for the treatment of diabetes (including continuous
glucose monitors and insulin pumps), (iii) home medical equipment
(HME) to patients discharged from acute care and other facilities,
(iv) oxygen and related chronic therapy services in the home, and
(v) other HME medical devices and supplies on behalf of chronically
ill patients with wound care, urological, incontinence, ostomy and
nutritional supply needs. The Company is proud to partner with an
extensive and highly diversified network of referral sources,
including acute care hospitals, sleep labs, pulmonologists, skilled
nursing facilities, and clinics. AdaptHealth services beneficiaries
of Medicare, Medicaid and commercial insurance payors. AdaptHealth
services approximately 1.8 million patients annually in all 50
states through its network of 269 locations in 41 states. Learn
more at www.adapthealth.com.
Forward-Looking
Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding projections,
estimates and forecasts of revenue and other financial and
performance metrics and projections of market opportunity and
expectations and the Company’s acquisition pipeline. These
statements are based on various assumptions and on the current
expectations of AdaptHealth management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on, by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of the Company.
These forward-looking statements are subject to a number of
risks and uncertainties, including the outcome of judicial and
administrative proceedings to which the Company may become a party
or governmental investigations to which the Company may become
subject that could interrupt or limit the Company’s operations,
result in adverse judgments, settlements or fines and create
negative publicity; changes in the Company’s clients’ preferences,
prospects and the competitive conditions prevailing in the
healthcare sector; and the impact of the recent coronavirus
(COVID-19) pandemic and the Company’s response to it. A further
description of such risks and uncertainties can be found in the
Company’s filings with the Securities and Exchange Commission. If
the risks materialize or assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that the
Company presently knows or that the Company currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect the Company’s expectations,
plans or forecasts of future events and views as of the date of
this press release. The Company anticipates that subsequent events
and developments will cause the Company’s assessments to change.
However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company’s assessments as of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210614005803/en/
AdaptHealth Corp. Jason Clemens, CFA Chief Financial
Officer jclemens@adapthealth.com Brittany Lett Vice President,
Marketing (646) 394-9207 blett@adapthealth.com The Equity Group
Inc. Devin Sullivan Senior Vice President (212) 836-9608
dsullivan@equityny.com Kalle Ahl, CFA Vice President (212) 836-9614
kahl@equityny.com
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