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Posted 09 August, 2021

ATI Physical Therapy, Inc. appointed new CEO

CEO Change detected for ticker OTC:ATIP in a 8-K filed on 09 August, 2021.


  (b) Effective August 7, 2021, Labeed Diab stepped down from his positions as Chief Executive Officer ("CEO") of ATI Physical Therapy, Inc. (the "Company") and as a member of the board of directors of the Company (the "Board").  

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Overview of ATI Physical Therapy, Inc.
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ATI Physical Therapy, Inc. provides physical therapy services. The company offers a variety of services within its clinics, including physical therapy to treat spine, shoulder, knee and neck injuries or pain, work injury rehabilitation services, including work conditioning and work hardening, hand therapy, and other specialized treatment services. The company was founded by Greg F. Steil in 1996 and is headquartered in Downers Grove, IL.
Market Cap
$7.64M
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ATI Physical Therapy, Inc. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers 

(b) Effective August 7, 2021, Labeed Diab stepped down from his positions as Chief Executive Officer ("CEO") of ATI Physical Therapy, Inc. (the "Company") and as a member of the board of directors of the Company (the "Board"). Mr. Diab's departure is not related to any disagreement with the Board or the Company on any matter relating to its operations, policies or practices. 

(c) Effective August 9, 2021, John (Jack) L. Larsen has been named Executive Chairman of the Company and will take an active role in leading the Company along with Ray Wahl, Chief Operating Officer, and Joseph Jordan, Chief Financial Officer. The Company intends to conduct a national search for a new Chief Executive Officer with the assistance of an executive search firm. 

Additional information regarding the individuals who will be leading the Company, including their biographies and any family or related-party relationships, are described in the Company's Form S-1 filed on July 28, 2021 ("Form S-1"). 

(e) The Company and Mr. Diab have entered into a mutual release pursuant to which Mr. Diab will be eligible for the following payments and benefits: (i) 1.5x the sum of his base salary and target bonus, paid over 18 months from the date of termination; (ii) a prorated bonus for the current year, based on actual performance, paid at the time bonuses are paid to other employees; (iii) continued coverage of health benefits for up to 18 months, if elected; and (iv) the vesting of all outstanding unvested Incentive Common Units granted on March 31, 2019 and December 31, 2019 under the Wilco Acquisition LP 2016 Equity Incentive Plan.