- Push-out Score determined
- After nine years in the position
- Dual Chief Executive Officer role eliminated
- Steve Griggs becomes sole Chief Executive Officer
(exechange) — Plymouth Meeting, Pennsylvania, June 15, 2021 — Luke McGee, co-chief executive of AdaptHealth, leaves. As announced by AdaptHealth Corp. in a news release published on Monday, June 14, 2021 and in a regulatory filing published on Tuesday, June 15, 2021, Luke McGee has left his post as co-chief executive officer at the provider of home healthcare equipment after nine years in the role, effective June 11, 2021.
AdaptHealth eliminates the dual Chief Executive Officer role. Stephen (Steve) Griggs will be sole Chief Executive Officer.
On April 13, 2021, the Company had placed McGee on unpaid leave from his roles as Co-CEO and a Director of the Company.
“No involvement in, or connection to, Mr. McGee’s alleged conduct”
AdaptHealth did not give an explicit reason for Luke McGee’s departure from the Co-CEO post. AdaptHealth said: “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.”
Precise information regarding Luke McGee’s future plans was not immediately available.
AdaptHealth said: “Luke McGee has resigned from his positions as Co-CEO of AdaptHealth and a member of the Board.”
AdaptHealth further said: “On June 14, 2021, AdaptHealth Corp. (the “Company”) and Luke McGee, the Company’s former Co-Chief Executive Officer and a former member of the Company’s Board of Directors (the “Board”), agreed that Mr. McGee would resign from all positions with the Company, including as a member of the Board, effective as of June 11, 2021.”
Share price decline since January 2021
The announcement follows a decline in AdaptHealth Corp.’s share price of 24% since January 2021.
Chaired by Richard Barasch
Richard Barasch serves as AdaptHealth Corp.’s Chairman.
Richard Barasch has served as Chairman of the Board since 2019 and has more than 30 years of experience in healthcare services, health insurance, and related industries. Barasch was Chief Executive Officer of Universal American Corp., a publicly-traded health insurance and services company focused on the senior market and government programs, from 1995 until Universal American’s acquisition by WellCare Health Plans in May 2017.
In the position of Co-CEO since 2012
Luke McGee became Co-CEO of the Company in 2012.
McGee founded AdaptHealth Holdings in conjunction with Quadrant Management in 2012.
He joined Quadrant Management, Inc. in 2010 and held director positions in certain of Quadrant’s portfolio companies along with executive level roles at certain times.
Prior to joining Quadrant, McGee was in the investment banking group at Deutsche Bank and before that Merrill Lynch.
He holds a bachelor’s degree in Economics from Duke University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Luke McGee’s move on a scale of 0 to 10.
exechange reached out to AdaptHealth and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 25.2021 ($).