Acadia Healthcare Co. announced Dec. 17 that the company’s board of directors voted to oust Chairman and CEO Joey Jacobs and bring in Debra “Debbie” Osteen as the company’s new chief executive. The lead director of Acadia’s board, Reeve Waud, was elected as chairman.
The dramatic move comes after a difficult year for one of America’s largest operators of behavioral health and rehabilitation facilities, following poor stock performance and rumors surrounding its potential acquisition by a private equity firm such as KKR & Co. LP.
Osteen joins Acadia effective immediately, after having served as an executive vice president and president of healthcare giant Universal Health Services’ behavioral health division since 1999. Originally slated to retire from her position at UHS on Jan. 31 and consult with the company for two years afterward, Osteen instead has terminated her employment early as she seeks to turn around Acadia’s fortunes.