- After less than two and a half years in the position
- Accolades, praise and thanks for Griggs
- Search for a successor
- Griggs said 77 words
(exechange) — Plymouth Meeting, Pennsylvania, May 9, 2023 — Steve Griggs, chief executive of AdaptHealth, leaves his position — “by mutual agreement.” As announced by AdaptHealth Corp. in a news release and in a regulatory filing published on Tuesday, May 9, 2023, Stephen P. (Steve) Griggs leaves his post as chief executive officer at the provider of home medical equipment, after less than two and a half years in the role, effective June 30, 2023.
AdaptHealth will undertake a search for a successor.
“Now is the right time”
The management change is explained as follows. Griggs stated: “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.”
Precise information regarding Steve Griggs’s future plans was not immediately available.
AdaptHealth said: “Stephen Griggs will step down as Chief Executive Officer by mutual agreement with the Board of Directors, effective June 30, 2023.”
AdaptHealth further said: “On May 8, 2023, AdaptHealth Corp. (the “Company”) and Stephen P. Griggs, Chief Executive Officer of the Company, mutually agreed that Mr. Griggs will resign as Chief Executive Officer of the Company, effective as of 11:59 p.m. E.D.T. on June 30, 2023.”
Share price decline since February 2021
The announcement follows a decline in AdaptHealth Corp.’s share price of 70% since February 2021. February 2021 is the month in which Griggs’s tenure as CEO began.
In the position of CEO since 2021
Steve Griggs became CEO of the Company in 2021.
Stephen Griggs joined the Company as Co-Chief Executive Officer in February 2021 and became sole Chief Executive Officer in June 2021.
In November of 2000, Griggs formed AeroCare and served as its Chairman and Chief Executive Officer.
Prior to joining AeroCare, Griggs served as President of Rotech Medical Corp., a publicly-traded provider of home medical equipment, respiratory equipment and services, and respiratory (nebulizer) medications for home use.
Griggs practiced as a CPA with a prominent accounting firm located in Orlando, Florida. Griggs was one of the founders of Nexus Group, Inc. and is one of its principals and Managing Directors.
Nexus Group provides advisory services in the area of mergers and acquisitions.
Griggs holds a B.S.B.A. in Business Management from East Tennessee State University and a B.S.B.A. in Accounting from University of Central Florida.
77 words by Steve Griggs
In the news release announcing his departure as CEO of AdaptHealth Corp., Steve Griggs received accolades, praise and thanks.
In announcing his departure, Steve Griggs said 77 words.
“Build on our strong foundation”
Steve Griggs stated: “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.”
40% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 312 CEO departures in the Russell 3000 Index evaluated over the past 12 months (May 9, 2022, to May 8, 2023), the average Push-out Score was 6.2, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, pursuit of other opportunities or time with family were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 40% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, two in five departing CEOs were forced out or fired.
Push-out Score for Steve Griggs’s move determined
The Push-out Score regarding Steve Griggs’s move is explained point by point in the exechange report.
exechange reached out to AdaptHealth and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2023 ($).