Thomas Hall, CEO of Adeptus Health, announced Wednesday he will retire by mid-2017 or when a replacement is selected.
Hall was CEO for four years and led the Lewisville, Texas-based company through rapid growth, making it the largest supplier of free standing emergency rooms in the U.S. Adeptus says Hall intends to remain on the company's board as chairman through his current term
The retirement news has sent Adeptus' stock falling by more than 15%. Shares on Wednesday afternoon were selling for $36.41, down from $43.56 the previous day.
Shareholders may have concerns Hall's departure comes shortly after the company announced in late July a new executive VP and CFO after Timothy Fielding departed from the company to pursue other business interests, according to a research note from Goldman Sachs analyst Matthew Borsch.
Under Hall's leadership, Adeptus grew from 12 facilities to 97. The company is on track to open 13 new facilities by the end of 2016, according to a news release.
Adeptus has also formed partnerships with five health systems during Hall's tenure: Texas Health Resources based in Arlington; University of Colorado Health; Dignity Health in Phoenix, Ariz.; Ochsner Health System in New Orleans; and Mount Carmel Health System in Columbus, Ohio.
Adeptus Health reported $100.2 million in operating revenue at the end of the second quarter of 2016, up by 11.8% increase from the previous year.