AdaptHealth Corp., a Plymouth Meeting-based distributor of home medical equipment and supplies, said Tuesday its CEO Stephen Griggs will step down from the position "by mutual agreement" effective June 30.
Griggs will not seek reelection to the board at the company’s annual meeting on June 21.
The board at AdaptHealth (NASDAQ: AHCO) is working with an unnamed, "leading" executive search firm to identify a new CEO, and is already considering several qualified candidates.
Richard Barasch, the company's board chairman, will serve as interim CEO if a successor to Griggs is not appointed by the end of next month.
Griggs joined AdaptHealth in 2021 following its acquisition of AeroCare Holdings, which he founded in 2000 and led as president and CEO until the acquisition. Griggs originally served as co-CEO at AdaptHealth, but became the sole CEO when Luke McGee resigned as the company's other co-CEO in 2021 after authorities in Denmark charged McGee with tax fraud.
Barasch said Griggs played a "critical leadership role" in building AdaptHealth into a "market-leading" provider of sleep, diabetes, respiratory and other health care products and services.
AdaptHealth, which has 10,900 employees, generated revenue of $2.97 billion in 2022, an increase of 21% from the previous year. The company's net income was $73.1 million last year.
"As CEO, he has led the company through the successful integration of AdaptHealth and AeroCare, overseen more than two dozen acquisitions and helped us...
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