After more than a year of declining stock performance, behavioral health giant Acadia Healthcare (Nasdaq: ACHC) has brought back its former CEO, Debbie Osteen, to the role.<\/p>\n
Osteen will be taking over from Christopher Hunter,<\/a> who was first named CEO in April of 2022.<\/p>\n This transition comes as Acadia has faced a number of legal and operational headwinds over the past few years, causing its stock price to fall by more than 70% over the past year.<\/p>\n \u200b\u201cAs Acadia continues to take decisive steps to optimize its growth investments and existing portfolio amidst ongoing macro headwinds facing many healthcare providers, the Board believes now is the right time to transition leadership,\u201d Reeve Waud, chairman of Acadia\u2019s board of directors, said in a statement. \u201cDebbie is a mission-driven executive with a commitment to patients who helped transform Acadia into the leading provider of behavioral healthcare in the U.S.\u201d<\/p>\n \u200bOn the legal side, Acadia has faced several issues that have resulted in financial losses. Acadia has been subject to ongoing investigations by the Department of Justice<\/a> and the Securities and Exchange Commission<\/a>.<\/p>\n \u200bAdditionally, in November, the company agreed to pay $179 million<\/a> to settle a securities fraud class action lawsuit. The business was also subject to sexual abuse and misconduct allegations. The company has since closed the facility at the heart of those allegations.<\/p>\n