Dixon Brings Over 25 Years of Financial and
Healthcare Experience
David Duckworth to Step Down After 12 Years as
Acadia’s CFO
Larry Harrod, EVP, Finance Announces
Retirement; Tim Sides to Assume Responsibilities
Company Reaffirms Full Year Fiscal 2023
Guidance
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) (“Acadia” or the
“Company”) today announced Heather Dixon has been appointed Chief
Financial Officer (CFO), effective July 10, 2023. Dixon succeeds
David Duckworth, who has decided to step down after more than a
decade as the Company’s CFO. Duckworth will work closely with Dixon
in an advisory capacity to support a smooth transition of
responsibilities.
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Acadia Healthcare appoints Heather Dixon
as CFO (Photo: Business Wire)
Dixon brings significant executive-level financial expertise,
with substantial payer, provider and pharmacy experience across the
healthcare landscape. She will join Acadia from Everside Health,
where she serves as the CFO, providing strategic direction and
oversight of company finances with a focus on growth and innovation
within the direct primary and mental health care space. She also
led Everside Health’s 385 health centers across 34 states, bringing
extensive facility-based operational experience to the Company.
Prior to that, she held senior leadership positions at Walgreens
Boots Alliance, Inc., where she was the Senior Vice President,
Global Controller and Chief Accounting Officer; as well as with
Aetna, a CVS Health Company, where she was Vice President,
Controller and Chief Accounting Officer. Dixon is an independent
board member of Addus HomeCare and served on the board of Signify
Health from 2021 through its recent acquisition by CVS Health.
“The Board and I are thrilled to welcome Heather and believe her
depth of experience and financial and business acumen make her a
strong addition to the Acadia team,” said Chris Hunter, Chief
Executive Officer of Acadia. “Heather is a highly respected senior
executive who has a proven track record of strong financial
leadership at companies across the healthcare ecosystem. Acadia is
building significant momentum in our business, as we are advancing
all five key areas of our long-term growth plan to meet the
increasing demand for our diversified services across our network
of behavioral healthcare facilities. We are confident that
Heather’s experience and insights will be instrumental in executing
our growth plans.”
Dixon said, “I am honored to be named Acadia’s next CFO and
build on the Company’s strong financial foundation and leadership
as the largest standalone behavioral health company in the nation.
I look forward to working with Chris and the rest of the leadership
team to ensure that we remain well positioned to create value for
all our stakeholders while fulfilling our commitment to helping
more patients and families in need.”
Hunter also remarked, “David has been a valued member of the
Acadia team, not only leading the Company’s finance function, but
also playing an important role in the advancement and execution of
Acadia’s strategy. We thank him for his contributions through
multiple phases of the Company’s evolution, and we appreciate his
continued support in facilitating a seamless transition.”
“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 Acadia may not generate sufficient cash from operations
to service its debt and meet its working capital and capital
expenditure requirements; (vi) potential disruptions to our
information technology systems or a cybersecurity incident; and
(vii) potential operating difficulties, including, without
limitation, disruption to the U.S. economy and financial markets;
reduced admissions and patient volumes; increased costs relating to
labor, supply chain and other expenditures; changes in competition
and client preferences; and general economic or industry conditions
that may prevent Acadia from realizing the expected benefits of its
business strategies. These factors and others are more fully
described in Acadia’s periodic reports and other filings with the
SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20230601005980/en/
Gretchen Hommrich Vice President, Investor Relations (615)
861-6000
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