Ted Lundberg
About Ted Lundberg
Ted Lundberg (age 50) has served on AdaptHealth’s board since February 2021 and is an independent director. He is a Founding Partner and Managing Member at Peloton Equity, a healthcare-focused private equity firm; previously he worked at Ferrer Freeman & Company and Donaldson, Lufkin & Jenrette. He holds a B.A. from Princeton University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Peloton Equity, LLC | Founding Partner & Managing Member | Not disclosed | Healthcare growth investing focus |
| Ferrer Freeman & Company | Prior role (not specified) | Not disclosed | Private equity experience |
| Donaldson, Lufkin & Jenrette | Prior role (not specified) | Not disclosed | Investment banking experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Arcadia Solutions, Inc. | Director | Not disclosed | Private company board |
| HPOne, Inc. | Director | Not disclosed | Private company board |
| Grenova, Inc. | Director | Not disclosed | Private company board |
| ClearSky Health, Inc. | Director | Not disclosed | Private company board |
| Aerosafe Global, Inc. | Director | Not disclosed | Private company board |
| Journey Health & Lifestyle Brands Inc. | Director | Not disclosed | Private company board |
No current public-company directorships were disclosed for Mr. Lundberg .
Board Governance
- Independence status: The board determined Mr. Lundberg is independent under Nasdaq rules; he is also independent for Audit and Corporate Compliance & Governance committee service .
- Committee assignments and roles:
- Audit Committee member; the Audit Committee met 5 times in 2024 .
- Chair, Corporate Compliance & Governance Committee (renamed in 2024); the Compliance Committee met 4 times and the Nominating & Corporate Governance Committee met 4 times prior to combination in 2024 .
- Attendance: The board held 9 meetings in 2024 and no incumbent director attended fewer than 75% of board or applicable committee meetings .
- Board structure and reforms: AHCO is declassifying its board (complete by 2026). Governance reforms adopted with the 2024 securities settlement included the option to appoint a Lead Independent Director when the Chair is not independent, proxy access, a majority voting resignation policy, and “no single-trigger” vesting for future officer contracts .
| Committee | Role | 2024 Meetings | Independence |
|---|---|---|---|
| Audit | Member | 5 | Independent |
| Corporate Compliance & Governance | Chair | 4 (Compliance) + 4 (Nominating before combination) | Independent |
Potential designation influence: Under the AeroCare Merger Agreement, so long as the AeroCare Sellers (including Peloton Equity AeroCare SPV I, L.P.) hold at least 35% of their consideration, they may nominate one director; Mr. Lundberg is the designee. This creates a sponsor-designation linkage to monitor, though the board classifies him as independent .
Fixed Compensation
Program design for non-employee directors (2024):
- Cash: $100,000 annual retainer; additional retainers include $100,000 for Chair of the Board, $40,000 for Audit Chair, $20,000 per Audit Committee member, $20,000 for chairs of the Compensation and Compliance Committees, and $10,000 per member of the Compensation, Nominating & Governance, and Compliance Committees .
- Equity: Annual restricted stock grant valued at $165,000 (20-day VWAP prior to annual meeting) .
2024 actual compensation for Mr. Lundberg:
| Component | Detail | Amount |
|---|---|---|
| Cash fees | Annual retainer, committee member fees, and pro-rated chair fee | $125,660 |
| Equity grant (restricted stock) | 15,629 shares + 1,894 shares for committee chair role; vests 100% at 2025 annual meeting | $178,034 |
| Total | $303,694 |
Grant mechanics and vesting:
- 2024 restricted stock grants to non-employee directors were approved June 24, 2024 and vest upon the 2025 annual meeting; Mr. Lundberg received 15,629 shares plus an additional 1,894 shares for chairing the Nominating & Governance/Compliance function .
Performance Compensation
- None. Director compensation consists of cash retainers, committee retainers, and time-based restricted stock; no performance-vested metrics apply to directors .
Other Directorships & Interlocks
| Company | Relationship to AHCO | Interlock/Conflict Notes |
|---|---|---|
| Peloton Equity (sponsor) | AeroCare Sellers have nomination right; Lundberg is the designee | Monitor potential conflicts; board deems him independent; related-party transactions are reviewed by the Audit Committee per policy |
| Arcadia Solutions, HPOne, Grenova, ClearSky Health, Aerosafe Global, Journey Health & Lifestyle | No disclosed customer/supplier relationships with AHCO | No related-party transactions disclosed involving Mr. Lundberg in 2024 proxy |
Expertise & Qualifications
- Private equity and healthcare services investor with board experience across health services and medtech adjacencies (Arcadia Solutions, HPOne, Grenova, ClearSky Health, Aerosafe Global, Journey Health & Lifestyle) .
- Governance experience as chair of Corporate Compliance & Governance at AHCO and Audit Committee member .
- Education: B.A., Princeton University .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Total beneficial ownership (common shares) | 830,546 | Includes shares beneficially owned by Peloton Equity GP; Lundberg and Carlos Ferrer, as managing members of Peloton Equity GP, may be deemed to beneficially own shares held by Peloton Equity GP |
| Ownership as % of outstanding | <1% | Less than 1% based on 135,548,146 shares outstanding as of April 24, 2025 |
| 2024 director equity grant (unvested until 2025 meeting) | 17,523 shares (15,629 + 1,894) | Vests 100% at 2025 annual meeting |
| Pledging/hedging | Prohibited by AHCO insider trading policy; no exemptions granted | Applies to directors and officers |
Governance Assessment
-
Strengths and positive signals:
- Independent director; chairs Corporate Compliance & Governance and serves on Audit, indicating trust in oversight roles .
- Good attendance culture (no incumbent <75%); active committee cadence (Audit 5x; Compliance/Nominating 4x each) .
- Ownership alignment through meaningful equity holdings and annual restricted stock grants; pledging/hedging prohibited .
- Governance reforms (declassification, proxy access, majority voting resignation policy, lead independent option) enhance board accountability .
-
Watch items / RED FLAGS to monitor:
- Sponsor designee: As the AeroCare Sellers’ nominee, Lundberg’s linkage to Peloton Equity warrants monitoring for potential conflicts if any transactions arise between AHCO and Peloton portfolio companies; the Audit Committee oversees related-party transactions per policy .
- Concentration of influence via beneficial ownership attribution to Peloton Equity GP alongside board seat; however, board affirms his independence under Nasdaq standards .
-
Compensation structure for directors appears standard (cash + time-based restricted stock) with clear, disclosed committee retainers; no meeting fees or performance equity that could bias oversight .
Overall implication: Lundberg brings healthcare private equity and board governance expertise with active committee leadership. His sponsor-designee status is a manageable governance risk given independence determinations, related-party review controls, and broader governance reforms; continued vigilance on interlocks/transactions is prudent .