Hanger Orthopedic Group, Austin, Texas, announced that CEO Thomas F. Kirk, PhD, 66, informed the board of directors of his decision to retire as CEO after more than ten years of service with the company. In accordance with the succession plan developed by management and the board of directors, President and COO Vinit K. Asar, 46, has been appointed to succeed Kirk as CEO and has joined the board of directors. To facilitate the transition, Kirk will assume the officer position of vice chairman until his retirement December 31, 2012. He remains a member of the board of directors.
“It was apparent from the moment we met Tom that he would make an exceptional impact on our company and the profession,” said Chairman of the Board Ivan R. Sabel, CPO. “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…. On behalf of Hanger’s board members, I’d like to express our sincere appreciation to Tom for his dedicated service and outstanding leadership.”
Kirk joined Hanger in January 2002 as president and COO and became CEO in March 2008. Under his leadership from 2008 to 2012, Hanger’s annual revenues grew from $640 million to more than $920 million, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) grew from $84 million to $150 million, and stock price grew from $9.45 to $21.25 per share, according to a Hanger press release.
“I was fortunate to have led the organization during transformative and complex times, both at Hanger and in healthcare,” Kirk said. “I have spent the past several years working closely with Vinit on understanding our industry trends and long-term growth opportunities. I have watched as he led strong improvements in the management of operations across the portfolio. Vinit is ready to take our company to the next level.”
“I am honored by the board’s election and appreciative of Tom’s partnership and mentoring over these past years,” Asar said. “It is my privilege to build on Tom’s legacy and lead an organization with a 150-year history and a clear vision dedicated to enhancing human physical capability.”