Behavioral health

Acadia Healthcare fires CEO Joey Jacobs

Behavioral health provider Acadia Healthcare has fired CEO and board chairman Joey Jacobs and replaced him with Debbie Osteen, who works at competitor Universal Health Services. Acadia and Reeve Waud, a private equity executive who is now Acadia's board chairman, declined to comment beyond the press release.

Background: Three weeks ago, we covered how Acadia's business, under the watch of Jacobs and Waud, has been filled with red flags. Over the past few years, Acadia saddled itself with huge amounts of debt, and top executive insiders sold off stock in droves.

The concerns surrounding Acadia Healthcare

Data: Money.net; Chart: Axios Visuals

Over the past few years, Acadia Healthcare has saddled itself with huge amounts of debt, and top executive insiders have sold off stock in droves — a situation that doesn't inspire confidence in the future of the company.

Why it matters: Acadia is one of the largest operators of behavioral health facilities in the country, making it an important part of the nation's response to the opioid epidemic as well as broader mental health and drug addiction treatment.

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