Agiliti Inc.'s Chief Executive Tom Leonard is retiring in March, the company said Monday.
Agiliti's CEO Tom Leonard to retire in March
The Eden Prairie-based medical equipment and services company surpassed $1 billion in sales in 2021 followings its IPO.
January 10, 2023 at 5:10PM
The company's president Tom Boehning has been named the next CEO.
Agiliti, based in Eden Prairie, provides medical equipment and services for the health care industry. Unlike many of the companies that went public during the pandemic, Agiliti has been able to increase its value, crossing the $1 billion annual revenue mark in 2021.
"Under Tom Leonard's leadership, Agiliti transformed from an equipment rental company to an essential provider of comprehensive medical technology solutions to the U.S. health care industry," said Scott Sperling, an Agiliti board member and co-CEO of Boston-based Thomas H. Lee Partners, in a statement.
The private equity firm is Agiliti's largest shareholder.
Leonard, who joined Agiliti in April 2015 and has led its transformation, will remain on the company's board of directors. He will retire as CEO on March 10.
Boehning, named president in January 2020, previously spent 13 years at Optum, including as CEO of the Optum360 joint venture.
Once known as Universal Hospital Services, Agiliti started operations in 1939. It went public in 2021, one of eight Minnesota companies that completed initial public offerings that year.
Agiliti debuted at $14 per share. While a large percentage of companies with IPOs that year are now trading far below their offering prices, Agiliti has been an exception. Its stock closed at $15.57 on Wednesday.
In November, Agiliti reported third quarter revenue of $271.2 million, an increase of 3.3% from a year ago.
In December, the company landed a federal contract worth $491 million.
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