Acadia Healthcare’s board made its biggest call of the year on January 19, 2026. It named Debbie Osteen, who’d led the company from December 2018 to March 2022, as chief executive again, effective immediately. She replaced Chris Hunter, CEO since April 2022, who left both the company and its board.
Reeve B. Waud, Acadia’s founder and board chairman, made the announcement. He spoke to the board’s reasons, to Hunter’s record and to what happens next.
Why Now
“As 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,” Waud said.
Osteen also got her board seat back. She’d stayed on as a director until 2024 after her first stint as CEO ended. “I am excited to step back into the role of CEO of Acadia,” she said.
Hunter’s Tenure
Reeve B. Waud gave the outgoing CEO his due. “During his tenure as CEO, Acadia increased its capacity to serve more patients in need, added new facilities developed with trusted joint venture partners, and made meaningful investments in its quality platform to strengthen care delivery and demonstrate the value of the Company’s services,” he said.
Hunter-era projects kept opening after the handoff. Acadia’s second-quarter 2026 report listed two new partner hospitals, one in Florida and one in Iowa, with 240 licensed beds between them.
What Came Next
Osteen’s return was set up as a bridge. Waud said the board would conduct “a comprehensive search for a long-term successor” and keep working “to evaluate all paths to deliver enhanced shareholder value.”
Wall Street took the news well. “We view the announcement this morning that Debbie Osteen is returning to Acadia as its CEO positively,”Jefferies wrote in a note. She came back with 19 years at Universal Health Services on her résumé, where she ran the behavioral health division.
Zacks reported in late September that Acadia shares were up 100% for the year. Management had raised its 2026 earnings outlook after both the first and second quarters, and Zacks counted four upward revisions to the consensus estimate in 60 days. Acadia’s operating cash flow forecast for 2026 now sits at $350 million to $400 million, and third-quarter results are due Nov. 4. Reeve B. Waud still chairs the board and remains managing partner of Waud Capital Partners, which he founded in 1993.
