AdaptHealth Appoints New CEO, Jason Hannon

TL;DR

AdaptHealth just named Jason Hannon as CEO, effective immediately. Bercaw out, Hannon in.

AI Summary

AdaptHealth Corp. announced on April 10, 2024, the appointment of Jason M. Hannon as Chief Executive Officer, effective immediately. Hannon, who previously served as Chief Operating Officer, will also join the Board of Directors. The company also announced the departure of its former CEO, David L. Bercaw, and the appointment of a new independent director, Steven L. Johnson.

Why It Matters

The appointment of a new CEO can signal a strategic shift or a new direction for the company, potentially impacting its future performance and stock price.

Risk Assessment

Risk Level: medium — Leadership changes, especially CEO transitions, can introduce uncertainty and affect operational execution and strategic direction.

Key Players & Entities

• AdaptHealth Corp. (company) — Registrant
• Jason M. Hannon (person) — Appointed Chief Executive Officer and Board Member
• David L. Bercaw (person) — Departing Chief Executive Officer
• Steven L. Johnson (person) — Appointed Independent Director
• April 10, 2024 (date) — Effective date of CEO appointment

FAQ

Key Financial Figures

• $0.0001 — registered Common Stock, par value $0.0001 per share AHCO The Nasdaq Stock Mar
• $900,000 — led to receive an annual base salary of $900,000 and is eligible to receive a target ann
• $4,900,000 — Company's common stock with a value of $4,900,000 (determined in a manner consistent with
• $1,000,000 — Company's common stock with a value of $1,000,000 (determined in a manner consistent with
• $87,500 — Company's common stock with a value of $87,500 (determined as of May 1, 2024 in a mann
• $262,500 — be paid base compensation at a rate of $262,500 per month. The foregoing description o

Filing Documents

• tm2411833d1_8k.htm (8-K) — 44KB
• tm2411833d1_ex10-1.htm (EX-10.1) — 204KB
• tm2411833d1_ex10-2.htm (EX-10.2) — 12KB
• tm2411833d1_ex10-3.htm (EX-10.3) — 8KB
• tm2411833d1_ex99-1.htm (EX-99.1) — 9KB
• tm2411833d1_ex10-3img001.jpg (GRAPHIC) — 5KB
• tm2411833d1_ex99-1img01.jpg (GRAPHIC) — 4KB
• 0001104659-24-048318.txt ( ) — 522KB
• ahco-20240410.xsd (EX-101.SCH) — 3KB
• ahco-20240410_lab.xml (EX-101.LAB) — 33KB
• ahco-20240410_pre.xml (EX-101.PRE) — 22KB
• tm2411833d1_8k_htm.xml (XML) — 4KB

02. Departure of Directors or Certain Officers Election

Item 5.02. Departure of Directors or Certain Officers Election of Directors Appointment of Certain Officers Compensatory Arrangements of Certain Officers. Appointment of Chief Executive Officer AdaptHealth Corp. (the "Company") announced today that Suzanne Foster, age 54, has been appointed to serve as the Chief Executive Officer of the Company, effective May 20, 2024. Upon starting as Chief Executive Officer, Ms. Foster will also be appointed to serve as a member of the Company's board of directors (the "Board"), effective May 20, 2024. Since 2022, Ms. Foster has served as the president of Beckman Coulter Life Sciences for Danaher Corporation ("Danaher"), a global science and technology innovation company. Prior to Danaher, Ms. Foster served as president of At Home Solutions for Cardinal Health, Dublin Ohio, a global, integrated healthcare services and products company, from January 2020 until April 2022, as president of Stanley Healthcare, Waltham, Massachusetts, a healthcare technology operating division of Stanley Black & Decker, from April 2018 until January 2020, and as a general manager of Medtronic Advanced Energy ("Medtronic"), a medical device company, from August 2011 until March 2018. Ms. Foster formerly served as vice president of Global Business Operations at Salient Surgical Technologies, a medical device company later acquired by Medtronic. She was also formerly employed as an attorney at the law firms of Holland & Knight and Wiggin & Nourie, and served as vice president of Legal & Compliance for the Elliot Health System. In 2017, Ms. Foster was appointed to the University System of New Hampshire Board of Trustees. She also currently serves on the board of Unitil Corp. (NYSE: UTL), since 2019, and on multiple boards of private medical technology companies. Ms. Foster is qualified to serve as Chief Executive Officer and a member of the Board because of her multinational business and industry experience, legal expertise and proven senior leadershi

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure The Company issued a press release earlier today announcing the appointment of Ms. Foster as Chief Executive Officer and a member of the Board and the resignation of Mr. Barasch as the Company's Interim Chief Executive Officer and as a member of the Board, in each case, as described in Item 5.02 above. A copy of the press release is furnished as Exhibit 99.1. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing. Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Employment Agreement by and between AdaptHealth Corp. and Suzanne Foster, dated April 10, 2024. 10.2 Fifth Amendment to Letter Agreement between AdaptHealth Corp. and Richard Barasch, dated April 15, 2024. 10.3 Amendment to Employment Agreement between AdaptHealth Corp. and Jason Clemens, dated April 15, 2024. 99.1 Press Release dated April 17, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Dated: April 17, 2024 AdaptHealth Corp. By: /s/ Jason Clemens Name: Jason Clemens Title: Chief Financial Officer - 4 -

View Full Filing

View this 8-K filing on SEC EDGAR