PLYMOUTH MEETING, PA — AdaptHealth Corp. (NASDAQ: AHCO) announced this week that its Board of Directors 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.
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