Hanger, Inc. announced that Chairman and Chief Executive Officer (CEO) Vinit Asar will retire from the role of CEO effective May 1, 2023, after more than a decade in the position. In line with a multi-year succession plan, Hanger’s Chief Operating Officer (COO) Pete Stoy has been named president and COO, and will assume the role of CEO upon Asar’s retirement, in addition to serving on Hanger’s board of directors. At that time, Asar’s role will transition to Executive Chairman of Hanger’s board, where he will assist with strategic initiatives, including mergers and acquisitions, and provide support for Stoy and the Board as needed.
Asar joined Hanger as executive vice president and chief growth officer in December 2008, and served as Hanger’s president and COO from September 2011–May 2012 before taking the reigns as CEO. During his tenure, he was instrumental in stabilizing the company’s infrastructure to create an environment with a strong foundation to prepare Hanger to grow from a $700M company to a $1.4B company. He also was instrumental in establishing the Hanger Institute for Clinical Research and Education to focus on advancing clinical practice and improving outcomes for those who need life-enhancing O&P care.
Stoy has over 20 years of healthcare experience with leadership in large, complex organizations, and holds a designation as a Fellow of the American College of Healthcare Executives (FACHE). Prior to joining Hanger as COO in November 2020, he served as East Region president for the healthcare business of Sodexo.
