AAC Holdings (AAC) — which experienced a tumultuous 2019 following personnel changes and a delisting from the New York Stock Exchange (NYSE) — has announced the promotion of Andrew McWilliams to CEO.
AAC is the parent company of American Addiction Centers.
McWilliams has been with Brentwood, Tennessee-based AAC since 2014, when he was hired as its chief accounting officer. He has served as CFO since 2018.
He takes over for company founder and board chairman Michael Cartwright, who had been holding the CEO position on an interim basis.
Cartwright, who with McWilliams last year outlined a 10-year plan to investors for turning around the company’s fortunes, will remain AAC’s chairman.
Founded in 2007, American Addiction Centers provides inpatient and outpatient treatment services in eight states. It became the first publicly traded addiction treatment provider when AAC was added to the NYSE in 2014.
AAC is seeking a fresh start in the new year after president and COO Michael Nanko stepped down from his post last year, along with four of the company’s board members.
Compounding 2019’s woes was AAC — which boasted a market capitalization of $1 billion in 2015 — being delisted by the NYSE for failing to maintain a required market cap value of at least $15 million over a 30-day trading period.
Additionally, the company last year filed suit against the National Association of Addiction Treatment Providers, claiming that the industry group coordinated an effort to restrict the advertisement of its services on Google.
“[McWilliams]’s commitment to our patients, and his vision to continue to provide best-in-class treatment, made him the ideal candidate to propel AAC forward through 2020 and beyond,” Cartwright said in a statement announcing his appointment to CEO.
“Under my leadership, we will continue to set the standard in the industry for high-quality care,” McWilliams said in a statement. “I’m excited for what the future holds for the company, and I look forward to carrying out our mission alongside Andrew as chairman.”