SpendMend CEO Transition: Founder Exits After 34 Years for $150M Growth

SpendMend, a Grand Rapids-based healthcare cost cycle management provider, has appointed Trey Cook as its new Chief Executive Officer, ending founder Dan Geelhoed's 34-year tenure at the helm. The transition was announced on June 16, 2026, via a press release distributed by ACCESS Newswire, signaling a strategic pivot for the company as it enters a growth phase under the ownership of Morgan Stanley Capital Partners. Cook, a seasoned healthcare technology executive with over two decades of experience, most recently served as president and CEO of STARLIMS, and previously led Quantros as CEO. His career also includes senior roles at Hill-Rom, McKesson Health IT, and GE Healthcare IT, where he managed large-scale operations and drove profitability. The appointment is not merely a routine C-suite change; it marks a deliberate shift from founder-led vision to professional management, a move that often accompanies private equity-backed companies aiming to scale rapidly and position for a future exit. Cook's record of leading organizations with more than $150 million in global revenue, across SaaS, hardware, and services, equips him to tackle SpendMend's mission of helping healthcare providers manage costs by uncovering 'dark data' — the hidden inefficiencies buried in complex supply chains and procurement processes. The healthcare industry, grappling with razor-thin margins and mounting administrative burdens, increasingly relies on technology-driven cost optimization. SpendMend's platform sits at that intersection, and Cook's blend of commercial strategy and operational efficiency could accelerate its market penetration. Geelhoed, who will remain involved in an advisory capacity, expressed confidence in Cook's ability to 'align strategy, operations, and go-to-market execution.' Paul Kappelman, SpendMend's chairman and a senior operating advisor to Morgan Stanley Capital Partners, emphasized the importance of client value during expansion, hinting at the PE firm's expectations for revenue growth and margin improvement. For employees and clients, the immediate impact is a leadership vacuum being filled by an outsider, which often triggers anxiety about cultural changes, layoffs, or strategic realignment. However, Cook's track record of managing complex healthcare businesses and his apparent mandate to 'bring greater insight and visibility' suggest a focus on product enhancement and customer retention rather than drastic cost-cutting. The transition also shines a light on succession planning in founder-led companies. Geelhoed built SpendMend from the ground up since 1992, a testament to entrepreneurial endurance. The board's decision to recruit externally rather than promote from within underscores the challenges of scaling beyond a certain revenue threshold without professional management. Investors typically seek leaders with experience in growing companies to $500 million or beyond, and Cook's resume fits that profile. Looking ahead, SpendMend's trajectory will depend on how quickly Cook can translate his deep healthcare IT background into results. The company's niche — cost cycle management — is positioned to benefit from the ongoing digitization of healthcare supply chains. With Morgan Stanley Capital Partners' backing, the next chapter could involve add-on acquisitions, product diversification, or even a public offering. The key risk lies in execution: the integration of a new CEO into a long-standing culture requires careful change management, a factor that will define whether SpendMend's next phase is one of sustained growth or internal turmoil. As Cook steps into the role, the healthcare tech sector will watch whether this leadership bet pays off in an era where efficient resource management can mean the difference between solvency and closure for many provider organizations.