Agiliti CEO Tom Boehning leaves

  • After about six months in the position
  • Praise and thanks for Boehning
  • Tom Leonard taking over

(exechange) — Minneapolis, Minnesota, October 2, 2023 — Tom Boehning, chief executive of Agiliti, leaves his position. As announced by Agiliti Inc. in a news release and in a regulatory filing published on Monday, October 2, 2023, Thomas W. (Tom) Boehning has left his post as chief executive officer at the medical equipment company, after about six months in the role, effective September 28, 2023.

Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.

Tom Boehning’s duties as CEO will be taken over by Thomas J. (Tom) Leonard, a former Chief Executive Officer at Agiliti Inc.

No reason given

In the announcement, Agiliti did not explicitly explain the reason for the move.

Precise information regarding Tom Boehning’s future plans was not immediately available.

“Is no longer with the company/terminated … without cause”

Agiliti said: “Leonard succeeds Tom Boehning who is no longer with the company.”

Agiliti further said: “On September 28, 2023 (the “Termination Date”), the Board terminated Thomas W. Boehning’s employment as Chief Executive Officer without cause. Also on the Termination Date, Mr. Boehning ceased to be a director and the size of the Board was reduced to 10 directors.”

“Not the result of any disagreement”

Agiliti stated, regarding the change: “Mr. Boehning’s termination is not the result of any disagreement on, or issues with respect to, any matter relating to the Company’s operations, policies or practices, including financial results or accounting controls.”

Share price decline since March 2023

The announcement follows a decline in Agiliti Inc.’s share price of 65% since March 2023. March 2023 is the month in which Boehning’s tenure as CEO began.

In the position of CEO since 2023

Tom Boehning became CEO of the Company in 2023.

Thomas W. Boehning was appointed as Chief Executive Officer and joined the Company’s Board in March of 2023.

Boehning previously served as the Company’s President, overseeing commercial sales and operations, from January 2020 until March 2023.

Prior to joining the Company, Boehning spent 13 years at Optum, serving in various positions, culminating in his role as Chief Executive Officer of their joint venture Optum360—the nation’s largest independent revenue cycle services organization.

Prior to Optum, Boehning was vice president and general manager of McKesson’s Group Practice Solutions business.

Boehning has a bachelor’s degree in Economics and an MBA from Pennsylvania State University.

No statement by Tom Boehning

In the release announcing his departure as CEO of Agiliti Inc., Tom Boehning received praise and thanks.

The announcement of his departure as CEO does not include a statement by Tom Boehning.

Push-out Score for Tom Boehning’s move determined

The Push-out Score indicates on a scale of 0 to 10 how likely it is that Tom Boehning was pushed out or felt pressure to leave his position.

exechange reached out to Agiliti and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 41.2023 ($).