After 10 years of service, Hanger Orthopedic Group CEO Thomas F. Kirk recently announced his plans to retire. A Hanger release notes that president and CEO Vinit K. Asar has been appointed to succeed Kirk as CEO and also joined the Hanger board of directors, in accordance to the succession plan developed by the company’s management and its board of directors. Kirk will remain a member of the board of directors and assume the role of vice chairman until his retirement December 31 to facilitate the transition.
According to the news release, Kirk joined Hanger in January 2002, assuming the role of president and CEO, becoming CEO in March 2008. Through the years of 2008 to 2012, under Kirk’s leadership the company saw its annual revenues increase from $640 million to over $920 million, its adjusted EBITDA grow from $84 million to $150 million, and stock price rise from $9.45 to $21.25 per share.
Ivan R. Sabel, CPO, chairman of the board, recalls that, “We originally met Tom when he consulted in 2001 to help us with the challenge of integrating the most significant acquisition in our history. Tom executed a strategic corporate restructuring and a brilliant turnaround that positioned Hanger on a stable and profitable path for growth…On behalf of Hanger’s board members, I’d like to express our sincere appreciation to Tom for his dedicated service and outstanding leadership,” Sabel says.
“I was fortunate to have led the organization during transformative and complex times, both at Hanger and in healthcare. The growth and operational success we achieved would certainly not have been possible without the wise counsel of our board of directors, the unwavering dedication of our employees, and the confidence of our patients,” Kirk says.
Kirk adds that after years of working with Asar and observing the improvements in the management operations that Asar has led, “Vinit is ready to take our company to the next level.”
The release reports that Asar has brought more than 18 years of extensive global experience developing and growing new and existing businesses, both organically and through acquisitions, to Hanger. “I am honored by the board’s election and appreciative of Tom’s partnership and mentoring over these past years,” Asar says.
Asar also emphasizes his pride in building on Kirk’s legacy and continuing to lead the company toward its goal of enhancing human physical capability.
Source: Hanger Orthopedic Group Inc