Acadia Healthcare Company Inc. CEO Deb Osteen has delayed her retirement until the end of March.
She was previously slated to step down from the leading role at the nation’s largest pure-play behavioral health company at the end of January. However, Osteen and Acadia have reached a new agreement for her to stay on until the end of March “to assist with and ensure a smooth transition of leadership,” according to a current report filed with the Securities and Exchange Commission.
The Franklin, Tennessee-based company will pay Osteen a retention bonus of $900,000 within 30 days of March 30 if she completes the new terms of her employment agreement. She will get the full $900,000 within 60 days of her departure if she resigns with good reason or is terminated by Acadia Healthcare (Nasdaq: ACHC) without cause.
Osteen will also serve out the remainder of her term on the company’s board of directors. Last year, she was elected to a term lasting until the company’s annual stockholders meeting in 2024.
Acadia Healthcare announced Osteen’s retirement in October 2021. Prior to joining Acadia Healthcare in December 2018, Osteen was executive vice president of Universal Health Services Inc. (NYSE: UHS) and had been president of UHS’s behavioral health division since 1999.
Osteen was with UHS for 35 years and had been planning on retiring from her post before she accepted a role with Acadia. (Here’s a rundown of her accomplishments at Acadia Healthcare.)
On the company’s latest earnings call, Osteen said she is active in the search for her replacement, alongside the company’s board of directors and the national executive search firm it retained.
Osteen took over as Acadia Healthcare’s CEO in December 2018, succeeding Joey Jacobs.
