AdaptHealth Corp 8-K, filed Mar 14, 2023
AdaptHealth Corp. (AHCO)
About this 8-K
AdaptHealth Corp filed this 8-K on March 14, 2023, reporting on events of March 10, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Promotion of Christine Archbold to Chief Accounting Officer and Principal Accounting Officer
On March 10, 2023, AdaptHealth Corp. (the “Company”) promoted Christine Archbold to Chief Accounting Officer and principal accounting officer of the Company. Prior to Ms. Archbold’s promotion, Jason Clemens, the Company’s Chief Financial Officer, served as principal accounting officer of the Company since May 16, 2022. In connection with Ms. Archbold’s promotion, Mr. Clemens will no longer serve as principal accounting officer of the Company effective March 10, 2023.
Prior to the promotion, Ms. Archbold, age 48, served as the Company’s Senior Vice President of Corporate Accounting since October 15, 2022. Ms. Archbold previously has held a variety of senior financial management positions, including Chief Accounting Officer and Corporate Controller at Clarivate from 2017 to 2022, Global Controller (from 2014 to 2017) and Director of Financial Reporting (from 2011 to 2014) at Houghton International. In these roles, Ms. Archbold had overall responsibility for the controllership, financial reporting, and systems of internal controls. Prior to joining Houghton International in 2011, Ms. Archbold was an auditor with the accounting firm of Ernst & Young. Ms. Archbold holds a B.S. in Accounting from Saint Joseph’s University.
On August 17, 2022, the Company entered into an offer letter with Ms. Archbold, that governed the terms of her employment as the Company’s Senior Vice President of Corporate Accounting effective as of her start date on October 15, 2022. In connection with her promotion to Chief Accounting Officer, the Compensation Committee of the Company (the “Compensation Committee”) increased Ms. Archbold’s annual base salary to $350,000 and target annual bonus (for which Ms. Archbold will be eligible based upon the achievement of performance targets established for the applicable year) to an amount equal to 50% of her base salary. Ms. Archbold will also be eligible to receive annual grants of equity-based incentive compensation with a target grant value of $350,000 per annum under the Company’s 2019 Stock Incentive Plan. Ms. Archbold will continue to be eligible to participate in the Company’s employee benefit programs offered to full-time employees.
There are no arrangements or understandings between Ms. Archbold and any other person pursuant to which she was appointed as Chief Accounting Officer. Ms. Archbold has no family relationships subject to disclosure under Item 401(d) of Regulation S-K or any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Promotion of Shaw Rietkerk to Chief Operating Officer
On March 13, 2023, the Company promoted Shaw Rietkerk to Chief Operating Officer of the Company.
Prior to the promotion, Mr. Rietkerk, age 48, served as the Company’s Chief Operating Officer – Centralized Operations since February 1, 2021. Prior to his appointment as Chief Operating Officer – Centralized Operations, Mr. Rietkerk served as the Company’s Chief Operating Officer since August 3, 2020 and the Company’s Chief Revenue Officer from November 8, 2019 until August 3, 2020. Mr. Rietkerk served as Executive Vice President of Revenue Cycle Management at Brightree prior to joining the Company in 2019, and has over two decades of healthcare service leadership experience, with an extensive background in revenue cycle management, operations, business process outsourcing, account management and process. Prior to joining Brightree in 2015, Mr. Rietkerk was Senior Vice President, Worldwide Operations at M*Modal, a leading healthcare technology provider of advanced clinical documentation solutions.
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The Company entered into an offer letter with Mr. Rietkerk, effective as of February 26, 2020, that governed the terms of his employment as the Company’s Chief Operating Officer – Centralized Operations, which will remain in place. In connection with his promotion to Chief Operating Officer, the Compensation Committee increased Mr. Rietkerk’s target annual bonus (for which Mr. Rietkerk will be eligible based upon the achievement of performance targets established for the applicable year) to an amount equal to 100% of his base salary. Mr. Rietkerk will also be eligible to receive annual grants of equity-based incentive compensation with a target grant value of $800,000 per annum under the Company’s 2019 Stock Incentive Plan. Mr. Rietkerk will continue to be eligible to participate in the Company’s employee benefit programs offered to full-time employees.
There are no arrangements or understandings between Mr. Rietkerk and any other person pursuant to which he was appointed as Chief Operating Officer. Mr. Rietkerk has no family relationships subject to disclosure under Item 401(d) of Regulation S-K or any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Transition of Daniel Bunting to Special Advisor to CEO
Daniel Bunting will transition from Chief Operating Officer – Field Operations of the Company to Special Advisor to CEO of the Company, effective as of March 13, 2023.
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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: March 14, 2023
| AdaptHealth Corp. | ||
| By: | /s/ Jason Clemens | |
| Name: Jason Clemens | ||
| Title: Chief Financial Officer | ||
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