John Bardis, founder, chairman, president and CEO of MedAssets, is stepping down from his role for personal reasons.
Mr. Bardis founded MedAssets, based in Alpharetta, Ga., in 1999 and has served as chairman and CEO since. His retirement is effective immediately. R. Halsey Wise has been appointed chairman and CEO of the company. Mr. Wise joined MedAsset's board of directors in March 2014.
Mr. Bardis' retirement is due to personal reasons and family health issues. He will remain on the board of directors until the next annual stockholders' meeting.
Under Mr. Bardis' leadership, MedAssets underwent an initial public offering in 2007. The company grew from a total net revenue of $188.5 million that year to $720.2 million in 2014.
"I am grateful to have spent the last 15 years with this great company, and am honored to have had the opportunity to lead a team of outstanding individuals," Mr. Bardis said in a statement. "I am proud of what we have accomplished together at MedAssets, and look forward to actively supporting the company's business endeavors during this time of rapid change in the healthcare marketplace. The Board and I are convinced that Halsey is the right leader to take our company into the future, and I am confident MedAssets will prosper under Halsey's leadership."
Mr. Wise has previously spent time in senior executive officer roles with leading technology and software companies. From 2003 to 2010, he was chairman and CEO of Intergraph Corporation, a provider of geospatial software. He is also the founder and CEO of Lime Barrel Advisors, a private investment firm.
Before founding MedAssets, Mr. Bardis held roles in senior management with American Hospital Supply and Baxter International. Mr. Bardis left Baxter in 1987 to join Kinetic Concepts. By the time he left the company as president in 1992, Kinetic Concepts was the nation's largest specialty bed and medical equipment rental company. From 1992 to 1997, Bardis was President and CEO of TheraTx, a leading provider of rehabilitation services and operator of skilled nursing facilities.
In addition to his accomplished background in the healthcare industry, Mr. Bardis has also made noteworthy philanthropic contributions to the greater community. One of his legacies and causes is Hire Heroes USA, a nonprofit organization Mr. Bardis founded in 2005. Hire Heroes is dedicated to creating job opportunities for U.S. military veterans and their spouses, especially those who return wounded or disabled.