Hanger CEO Asar to Retire; COO Pete Stoy to Assume Role

Orthotic and prosthetic services and solutions company Hanger Inc. announced chairman and CEO Vinit Asar will retire from his CEO role on May 1 after over a decade in the position.
 
Hanger’s COO Pete Stoy has been named president and COO and will assume the CEO role upon Asar’s retirement, in addition to serving on the company’s board. At that time, Asar will become executive chairman.
 
Each day I have been fueled by the passion our team brings to fulfilling our shared purpose of empowering human potential together, and I’m eternally grateful for what we have achieved together throughout these years,” Asar told the press. “After making the decision to retire, I have been able to put in place a succession plan over the past couple of years to ensure I leave Hanger in excellent hands. Pete’s background, style, and experiences have more than adequately prepared him to be a fabulous leader for Hanger, and I know the future is bright with Pete at the helm.”
 
Asar joined Hanger in December 2008 as executive VP and chief growth officer. He served as the firm’s president and COO from September 2011 to May 2012 before assuming the role of CEO. During his tenure, he helped Hanger to grow from a $700 million company to a $1.4 billion company. According to Hanger, he also set the industry standard on how companies should view and focus on diversity and inclusion across the spectrum.
 
Pete Stoy has over 20 years of healthcare experience and is a Fellow of the American College of Healthcare Executives. Before joining Hanger as COO in November 2020, Stoy was East Region president for Sodexo’s healthcare business. Prior to that, he served in leadership roles at McKesson, overseeing the company’s U.S. pharmaceutical health system segment. He also held senior positions in hospital sales and pharmaceutical distribution during a 13-year tenure at Cardinal Health.
 
He will leave behind an impressive legacy that will continue to live as part of Hanger’s extensive history, and we applaud and thank him for his exceptional leadership,” said Stoy. “I personally would like to express my sincere gratitude for our close collaboration and partnership as I have been preparing to serve as Hanger’s next CEO.”