Joey Jacobs, the well-known and popular Nashville healthcare leader is out as chairman and CEO of Acadia Healthcare. He was removed from his leadership positions by directors during a Sunday board meeting. Jacobs had led the giant behavioral health company with nearly 600 facilities and 18,000 beds across 40 states and the United Kingdom since 2011. The company was founded in January 2005. Over the last few months, rumors have swirled that the publicly traded company was considering a return to the private market.
According to the public relations firm handling information on the leadership transition, new CEO Debbie Osteen will be relocating to Nashville as she takes on daily oversight of the company.
Following is a statement released on Monday morning, Dec. 17 regarding the leadership transition at Acadia Healthcare:
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced that Debbie Osteen, former President of the Behavioral Health Division of Universal Health Services, Inc., has joined Acadia as Chief Executive Officer. She replaces Joey Jacobs, who has been removed by the Board from his roles as CEO and Chairman of the Board. Reeve B. Waud, Lead Director of Acadia's Board of Directors, has been elected Chairman of Acadia.
"As the Board looked to accelerate Acadia's momentum and drive value creation, we felt that now is the right time to bring in a new leader," said Waud. "We are thrilled that Debbie Osteen became available to lead Acadia. Debbie's extensive industry expertise and impressive track record at UHS make her the right leader for Acadia. Debbie's experience leading UHS' Behavioral Health Division over nearly two decades where she was responsible for its growth and operational success across both the U.S. and the U.K. makes her a perfect fit for Acadia. The Board is confident Debbie will help Acadia build on its position as a premier pure-play behavioral health services provider and we look forward to her taking the company to the next level."
Osteen led UHS' Behavioral Health Division from 1999 until she announced she was stepping down on December 6, 2018. During that time, she built the Division into the nation's largest system of freestanding behavioral health facilities. Under her leadership, UHS' Behavioral Health Division grew from 23 to over 300 behavioral health facilities, treating currently over 620,000 inpatients annually.
"I am honored to be named CEO of Acadia," said Osteen. "Acadia has a strong platform and an ambitious plan to continue adding beds and expanding its geographical footprint, while taking a new approach to the recently acquired U.K. business. I look forward to working with Acadia's talented employees to take the company forward to another level."
Jacobs is a fixture in the Middle Tennessee healthcare scene:
Prior to Acadia, Jacobs cofounded Psychiatric Solutions Inc. (PSI) and served as chairman, president and CEO until its sale in late 2010. Prior to that, he spent 21 years in various leadership positions with HCA, rising to president of the Tennessee Division. He currently sits on the boards of Cumberland Pharmaceuticals, Envision Healthcare, Monroe Carell Jr. Children's Hospital at Vanderbilt, and the Nashville Health Care Council.