ACHC Appoints Heather Dixon as CFO
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June 1, 2023
“It has been a privilege to be part of such an outstanding team over the past 12 years,” said Duckworth. “I am extremely proud of what we have accomplished, including building Acadia’s service line and geographic platforms that we have today, and I believe we are well positioned for continued growth with our strong balance sheet, favorable growth trajectory, and experienced facility and corporate leadership teams. I look forward to following Acadia’s continued success for years to come.”
The Company also announced that Larry Harrod, Executive Vice President, Finance, intends to retire from Acadia, effective June 30, 2023. Following his retirement, his responsibilities will be assumed by Tim Sides, currently Group CFO of Acadia’s Specialty Group, who is being promoted to Senior Vice President Operations Finance. He will report to Dixon. Sides brings more than two decades of financial and industry experience to his new role, having served as Group CFO at Acadia since 2020 and having previously served as Regional Director of Finance at Universal Health Services, Inc. In his time at Acadia, Sides has been responsible for key aspects of the Company’s operational and financial processes and initiatives.
Hunter added, “We appreciate Larry’s many contributions to Acadia since he joined in 2019. After a successful career spanning more than 40 years, we congratulate him on his well-deserved retirement.
Tim is a valued and highly respected member of our team, and we are delighted for him to expand his responsibilities within our organization.”
Acadia also today reaffirmed its full year fiscal 2023 guidance, as initially provided on February 27, 2023, and reaffirmed on April 26, 2023.
About Acadia
Acadia is a leading provider of behavioral healthcare services across the United States. As of March 31, 2023, Acadia operated a network of 250 behavioral healthcare facilities with approximately 11,100 beds in 39 states and Puerto Rico. With approximately 23,000 employees serving more than 75,000 patients daily, Acadia is the largest stand-alone behavioral healthcare company in the U.S. Acadia provides behavioral healthcare services to its patients in a variety of settings, including inpatient psychiatric hospitals, specialty treatment facilities, residential treatment centers and outpatient clinics.
Forward-Looking Information
This press release contains forward-looking statements. Generally, words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue,” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this press release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties and our future results could differ significantly from those expressed or implied by our forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) potential difficulties in successfully integrating the operations of acquired facilities or realizing the expected benefits and synergies of our facility expansions, acquisitions, joint ventures and de novo transactions; (ii) Acadia’s ability to add beds, expand services, enhance marketing programs and improve efficiencies at its facilities; (iii) potential reductions in payments received by Acadia from government and commercial payors; (iv) the occurrence of patient incidents, governmental investigations, litigation and adverse regulatory actions, which could adversely affect the price of our common stock and result in substantial payments and incremental regulatory burdens; (v) the risk that
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