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MarketScreener Homepage  >  Equities  >  Nyse  >  Hanger, Inc.    HNGR

HANGER, INC.

(HNGR)
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HANGER, INC. : Change in Directors or Principal Officers (form 8-K)

10/14/2020 | 04:12pm EST

Item 5.02 Departure of Directors or Principal Officers; Election of Directors;

          Appointment of Principal Officers.



Hanger, Inc. (the "Company") today announced that, effective November 2, 2020, Peter A. Stoy, has been appointed Executive Vice President and Chief Operating Officer of the Company and will lead the Patient Care segment, along with the supply chain and mergers & acquisitions functions. The new position of Chief Operating Officer aligns the Company's Patient Care segment to reflect the increasing complexity, growth opportunities, and interdependencies of clinic operations, sales, marketing, supply chain management, as well as strategic oversight of the Company's corporate and business development programs.

Mr. Stoy, 46, was most recently East Region President of Sodexo, a food services and facilities management company, since 2018, where he was responsible for all operations, including thousands of provider and hospital-based support service employees. Prior to that, he served in leadership positions at McKesson Corporation from 2014 to 2018, where he oversaw the multi-billion dollar McKesson U.S. Pharmaceutical Health System segment. Mr. Stoy also held senior positions in hospital sales and pharmaceutical distribution during his 13-year employment at Cardinal Health. Mr. Stoy serves on the Board of Directors of TransSouth Logistics. He earned his Master of Business Administration from Franklin University and his undergraduate degree from Ohio University, and has been designated as a Fellow of the American College of Healthcare Executives (FACHE).

In connection with Mr. Stoy's appointment as Executive Vice President and Chief Operating Officer of the Company, Mr. Stoy entered into an employment and non-compete agreement with the Company, effective as of November 2, 2020 (the "Agreement"), which provides for a commencement date of November 2, 2020 and the continued employment of Mr. Stoy unless the Agreement is terminated by either party pursuant to the terms therein. The Agreement provides that Mr. Stoy will receive a base salary of $425,000 and is eligible to receive annual bonus compensation, commencing with the 2021 calendar year, with a target amount equal to fifty-five percent (55%) of Mr. Stoy's base salary. The Agreement provides that Mr. Stoy will receive a special, one-time signing bonus in the gross amount of $90,000 payable in January 2021. Additionally, in lieu of the Company's standard relocation package, the Company will provide Mr. Stoy with a gross payment of $100,000 payable in equal monthly installments over six months, as well as reimbursement of certain moving expenses. The Agreement also provides that Mr. Stoy will receive a special, one-time grant of restricted shares of the Company's stock with a grant date value equal to $200,000 (the "Sign-On Grant) and a four year ratable vesting period, provided that the vesting of the restricted shares will be subject to Mr. Stoy's relocation to the Austin, Texas area. The Agreement also entitles Mr. Stoy to certain perquisites that were offered to him to complete his overall annual compensation package that are commensurate with perquisites provided to similarly situated executives of the Company.

The Agreement contains a severance benefit under which, upon the termination of Mr. Stoy's employment without cause, he will receive, in addition to accrued but unpaid salary and bonus, a severance payment equal to one and one-half times the sum of his base salary and target bonus, as well as reimbursement for the continuation of certain welfare and perquisite benefits for a period of 18 months. The Agreement also provides that if Mr. Stoy's employment is terminated within two years after a change in control of the Company either (i) involuntarily and not as a result of death, disability or cause, or (ii) by Mr. Stoy for "good reason" after the occurrence of a material diminution of his responsibilities, an intended relocation of his principal site of employment more than 50 miles from his then current location or certain breaches of the Agreement by the Company or the acquiring company, then Mr. Stoy would receive reimbursement for the continuation of certain welfare and perquisite benefits for a period of 24 months and a severance payment equal to two times the sum of his base salary and target bonus. In the event of his death or disability, Mr. Stoy or his estate would receive a payment equal to his base salary at the annual rate in effect and a pro rata portion of his bonus.

All equity-based awards granted to Mr. Stoy, including the Sign-On Grant, will immediately vest on the date of his termination, if such termination is by reason of his death or disability, termination without cause, retirement upon or after age 65 or for good reason following a change in control.

Additionally, the Agreement contains non-compete and non-solicitation covenants consistent with those provided to other executive officers of the Company.

There is no arrangement or understanding between Mr. Stoy and any other person pursuant to which Mr. Stoy was appointed as an officer of the Company, and there are no transactions in which Mr. Stoy has an interest requiring disclosure under Item 404(a) of Regulation S-K. No director or executive officer of the Company has any family relationship with Mr. Stoy.

The Company issued on October 14, 2020 a press release announcing Mr. Stoy's appointment as Executive Vice President and Chief Operating Officer of the Company, which press release is filed herewith as Exhibit 99.1.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 985 M - -
Net income 2020 7,60 M - -
Net Debt 2020 - - -
P/E ratio 2020 45,1x
Yield 2020 -
Capitalization 893 M 893 M -
Capi. / Sales 2020 0,91x
Capi. / Sales 2021 0,77x
Nbr of Employees 4 800
Free-Float 94,3%
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Mean consensus BUY
Number of Analysts 2
Average target price 22,50 $
Last Close Price 23,43 $
Spread / Highest target -1,84%
Spread / Average Target -3,97%
Spread / Lowest Target -6,10%
EPS Revisions
Managers
NameTitle
Vinit K. Asar President, Chief Executive Officer & Director
Christopher B. Begley Non-Executive Chairman
Thomas E. Kiraly Chief Financial Officer & Executive Vice President
C. Scott Ranson Chief Information Officer & EVP-Corporate Services
James H. Campbell Chief Clinical Officer & Senior Vice President
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