Adeptus Health (ADPT) CEO Hall to Retire

September 7, 2016 6:49 AM EDT

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Adeptus Health Inc. (NYSE: ADPT) announced that Thomas S. Hall has informed the Board of Directors of his intention to retire as Chief Executive Officer. To ensure an orderly transition, Mr. Hall intends to continue as CEO until the earlier of mid-2017 or the appointment of his successor. Mr. Hall has also agreed to remain on the Board as Chairman through his current term, which ends at the Company's 2017 Annual Meeting of Stockholders.

"When Tom retires, he will leave with gratitude and best wishes. He has led the Company through a period of tremendous growth and has built an outstanding management team to support our continued success," said Richard Covert, Vice Chairman of the Adeptus Board. "During his tenure, Adeptus has transformed from a private company with 12 facilities just four years ago into the premier operator of freestanding emergency rooms in the United States. Today, we are operating 97 facilities and are on track to open an additional 13 new facilities by year-end 2016 and have established partnerships with leading healthcare systems in five states. We have also achieved significant growth in both revenues and earnings over this period, and are well positioned to continue our growth through new unit openings and new partnerships. As we look forward, we intend to identify a leader who will build on this momentum, creating enhanced value for Adeptus stockholders, our partners, employees, and the communities in which we operate."

"It has been an honor to serve as Chairman and CEO of Adeptus," said Mr. Hall. "Helping Adeptus and its team grow and flourish during my tenure has been one of the most rewarding professional experiences of my career. Today, the Company has a strong management team to carry us forward as well as a solid operating and financial foundation in place. It is the right time to transition to the next chapter. I am proud of all that we have accomplished together and equally confident in our team's ability to continue to grow Adeptus following my retirement and fulfill its mission of expanding access to the highest-quality emergency medical care."

The Adeptus Board has established a search committee to identify Mr. Hall's successor and intends to retain a leading executive search firm to assist in the process.

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