Debbie Osteen, who as Acadia Healthcare’s (Nasdaq: ACHC) CEO has led the company’s growth while paring down on assets, is retiring from the company in early 2022.
Osteen will continue to sit on the board of the Franklin, Tennessee-based behavioral health care giant and will assist in the transition and selection of a new CEO.
Osteen’s retirement is scheduled to be effective January 31.
“I am proud of what we have accomplished since I joined Acadia,” Osteen said in a press release announcing her retirement. “The past three years have provided me with a unique opportunity to work closely with the Board of Directors and leverage my experience in behavioral health to lead Acadia through a critical period. Most importantly, I am proud of the team at Acadia and all our employees who demonstrate their commitment every day by helping the many people who need quality behavioral health care.”
A health care industry veteran, Osteen took over as Acadia’s CEO in December 2018 after Joey Jacobs had been ousted from the position.
Prior to her stint as Acadia’s CEO, Osteen had been the behavioral health division president of Universal Health Services (NYSE: UHS). Osteen was with UHS for 35 years and had been planning on retiring from her post before she accepted the Acadia offer.
Under Osteen’s leadership, Acadia grew its bed capacity in the United States through the acquisition of 14 facilities, in addition to establishing joint ventures (JVs) with other health care institutions.
Two Acadia JVs that are coming next down the pipeline are part of an $80 million project in Pennsylvania with Geisinger Health System. One of the facilities is scheduled for opening next year in Moosic, followed by another Keystone State location in Danville slated to be up and running in 2023.
Acadia has also wound down its international assets under Osteen to focus on being a domestic provider, as it finalized the sale in January of 360 United Kingdom properties for around $1.47 billion.
“This transaction represents a significant milestone for Acadia, as it enables us to focus singularly on our US operations,” Osteen commented on the sale during an earnings call in February. “And we now have complete financial flexibility to pursue our strategic agenda.”
Acadia’s stock has increased approximately 125% during Osteen’s tenure as CEO.
“Debbie has done an outstanding job as Acadia’s CEO with the support of a strong senior team, and the Board could not be more pleased with the Company’s progress under Debbie’s leadership,” Acadia Board Chairman Reeve Waud said in the press release. “We are very appreciative of her efforts in leading the Company through a period of significant progress and evolution, with the Company now well-positioned for future growth.”
One of the nation’s largest behavioral health care providers, Acadia operates 229 facilities in 40 states and Puerto Rico. The company has over 100,000 beds at its facilities and employs more than 20,000.
Companies featured in this article:
Acadia Healthcare, Geisinger Health System, Universal Health Services
