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Joey Jacobs out as Acadia Healthcare CEO

Acadia Healthcare has pushed out Chairman and CEO Joey Jacobs.

The Franklin, Tenn.-based provider of behavioral health services said Monday that Debra Osteen, the former president of the behavioral health division at Universal Health Services, will take over as CEO. Reeve Waud, Acadia’s lead director of the board, has been elected chairman.

“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,” Waud said in the news announcement.

Jacobs has served as chairman and CEO since February 2011.

Universal Health Services announced this month that Osteen, who had been with the company for 35 years, intended to retire on Jan. 31. She struck a contract with UHS to consult with the company for at least two years following her retirement.

But in a Securities and Exchange Commission document posted Monday, UHS said Osteen rescinded the agreement and resigned last week, forfeiting her unvested options, severance payments and other compensation. UHS is searching for her permanent replacement.

“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,” Waud said.

Acadia reported $2.8 billion in revenue in 2017 on net income of $199.6 million.