- Push-out Score determined
- After almost eight years in the position
- Debbie Osteen taking over
(exechange) — Franklin, Tennessee, December 17, 2018 — Joey Jacobs, chief executive of Acadia, leaves. It is an abrupt change. As announced by Acadia Healthcare Co. in a news release and in a regulatory filing published on Monday, December 17, 2018, Joey A. Jacobs has left his post as Chief Executive Officer at the behavioral healthcare provider after almost eight years in the role, effective December 16, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 8.9 years, according to data compiled by exechange.
Joey Jacobs’s duties were taken over by Debra K. (Debbie) Osteen, most recently President of the Behavioral Health Division of Universal Health Services, Inc.
The fact that Joey Jacobs’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“To accelerate Acadia’s momentum and drive value creation”
Joey Jacobs’s sudden departure from the CEO post is explained as follows. Reeve B. Waud, Lead Director of Acadia’s Board of Directors, said in a fairly blunt statement: “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.”
Precise information about Joey Jacobs’s future plans was not immediately available.
Acadia said that Debbie Osteen “replaces Joey Jacobs, who has been removed by the Board from his roles as CEO and Chairman of the Board.”
Acadia further said: “On December 16, 2018 …, Mr. Joey A. Jacobs was removed from his positions as the Chief Executive Officer … and Chairman of the Board of directors … of Acadia Healthcare Corporation, Inc.”
Reeve B. Waud, Lead Director of Acadia’s Board of Directors, has been elected Chairman of Acadia.
Share price decline
The change follows a decline in Acadia Healthcare Company, Inc.’s share price of 64 percent since August 2015.
In the position of CEO since 2011
Joey A. Jacobs has been the Chairman and Chief Executive Officer at Acadia Healthcare Company, Inc. since February 2011 and March 16, 2011, respectively.
Jacobs has extensive experience in the behavioral health industry.
Prior to joining the Company in 2011, he co-founded Psychiatric Solutions, Inc., a behavioral healthcare company (“PSI”) and served as Chairman, President and Chief Executive Officer of PSI from April 1997 to November 2010.
Prior to founding PSI, Jacobs served for 21 years in various capacities with Hospital Corporation of America (“HCA”).
Jacobs serves on the board of directors of Envision Healthcare Holdings, Inc. (NASDAQ: EVHC), Cumberland Pharmaceuticals, Inc. (NASDAQ: CPIX), Mental Health Management, Inc. and Middle Tennessee State University.
Push-out Score determined
Read the full story in the exechange report 52.2018 ($).