Acadia Healthcare CEO Christopher H. Hunter exits as Debra K. Osteen returns to lead company

Leadership change announced effective January 20, 2026

Acadia Healthcare Company, Inc., the Franklin, Tennessee-based behavioral health provider, disclosed that Chief Executive Officer Christopher H. Hunter has departed the CEO role effective January 20, 2026. The company also reported that Hunter resigned from its board of directors as of the same date.

Acadia’s board appointed Debra K. Osteen to return as chief executive officer and designated her as the company’s principal executive officer, also effective January 20, 2026. Osteen was additionally appointed to the board as a Class I director with a term running through the company’s 2027 annual meeting of stockholders.

Osteen’s prior tenure and industry background

Osteen, 70, previously served as Acadia’s CEO from December 2018 to March 2022 and served on the company’s board from December 2018 to May 2024. Before joining Acadia in 2018, she spent 19 years as Executive Vice President at Universal Health Services, Inc. and as president of its behavioral health division.

In the materials released with the leadership transition, the company said there were no arrangements or understandings with other persons related to Osteen’s appointment and noted no family relationships between her and the company’s directors or executive officers.

Employment terms disclosed for the returning CEO

Acadia reported that it entered into an employment agreement with Osteen dated January 19, 2026, effective on the transition date. The agreement does not provide for a fixed term.

• Base salary: $1,061,000 annually.
• Annual cash bonus: target opportunity set at 125% of base salary, with a maximum cash bonus of up to two times the target opportunity, subject to performance criteria set by the board or a committee of the board.
• Equity award: a non-qualified stock option for 1,125,000 shares with an exercise price equal to the closing share price on January 20, 2026, with vesting tied to specified volume-weighted average price thresholds and continued service conditions.

Context: a company centered on behavioral health services

Acadia operates a nationwide network of behavioral healthcare facilities and provides services in multiple care settings, including inpatient psychiatric hospitals and outpatient programs. In prior public descriptions of the company’s footprint, Acadia has characterized itself as the largest stand-alone behavioral health company in the United States.

The company indicated it expects to enter into a separation and release agreement with Hunter and said any material compensatory arrangements tied to his departure would be disclosed in a future filing.

What happens next

The leadership change takes effect immediately, placing Osteen back in the CEO seat nearly four years after she previously stepped down. Acadia has said additional details about any separation agreement with Hunter would be released if and when such an agreement is finalized and becomes reportable.