Full Press Release Details
AdaptHealth Announces
Stephen Griggs Will Step Down as CEO at the End of Second Quarter
Board Has Initiated a Search for a Successor
Meeting, PA - May 9, 2023 - AdaptHealth Corp. (NASDAQ: AHCO) ("AdaptHealth" or the
"Company"), a national leader in providing patient-centered, healthcare-at-home solutions, including home medical
equipment, medical supplies and related services, announced today that Stephen Griggs will step down as Chief Executive Officer by
mutual agreement with the Board of Directors, effective June 30, 2023.
The Board is working with a leading executive search firm to identify
a new CEO and is considering several qualified candidates. Richard Barasch, Chairman of the Board, will serve as interim CEO if a successor
to Mr. Griggs is not appointed by the time of his departure. Mr. Griggs will not seek re-election to the Board at the Company's
forthcoming annual meeting in June.
Mr. Griggs joined AdaptHealth in 2021 following its acquisition
of AeroCare Holdings, Inc., which he founded in 2000 and led as President and CEO until the acquisition. Under his leadership, AdaptHealth
added key vendors, launched cross-selling initiatives, integrated its cloud-based workstreams and pioneered e-prescribe, e-ordering and
e-delivery services.
Mr. Barasch said, "On behalf of the Board, I thank
Steve for the critical leadership role he has played at AdaptHealth to help build a market-leading provider of sleep, diabetes, respiratory
and other health care solutions. As CEO, he has led the Company through the successful integration of AdaptHealth and AeroCare, overseen
more than two dozen acquisitions and helped us navigate the challenges of the COVID-19 pandemic, the CPAP shortage resulting from the
Philips recall and other market headwinds. Steve leaves AdaptHealth in sound financial condition and much improved operational shape,
and we are committed to finding a highly qualified candidate to capitalize on the strategic opportunities that will power the next stage
of the Company's growth."
Mr. Griggs said, "I am proud to have worked with the most
talented individuals in the industry to deliver on our vision of transforming the health care experience for patients by helping to keep
them healthy at home. Now is the right time for a new leader to build on our strong foundation of cost-effective, scalable technology
and established, trusted patient relationships. I look forward to working with Richard, the Board and our leadership team to ensure an
effective transition."
AdaptHealth also reported its first quarter 2023 earnings today. The
Company looks forward to hosting a teleconference at 8:30 a.m. ET to discuss its results and business activities, including the
leadership transition, with analysts and investors.
AdaptHealth is a national leader in providing patient-centered, healthcare-at-home
solutions including home medical equipment (HME), medical supplies, and related services. The Company provides a full suite of medical
products and solutions designed to help patients manage chronic conditions in the home, adapt to challenges in their activities of daily
living, and thrive. Product and service 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) HME to patients discharged from acute
care and other facilities, (iv) oxygen and related chronic therapy services in the home, and (v) other HME 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, reaching
approximately 3.9 million patients annually in all 50 states through its network of approximately 725 locations in 47 states.
Chief Financial Officer