Franklin, Tenn.-based Acadia Healthcare has appointed Todd Young as CFO, effective Oct. 27.
Mr. Young will succeed Tim Sides, who served as interim CFO since August and will return to his prior role as senior vice president of operations finance according to an Oct. 7 news release from the health system. Mr. Young most recently served as CFO of Elanco Animal Health, where he helped shape the company’s strategy following its separation from Eli Lilly.
His appointment comes as Acadia faces scrutiny from shareholders, Reuters reported Oct. 7. Two of the health system’s largest investors, Khrom Capital and Engine Capital, together own more than 8% of the company. Khrom, which holds a 5.5% stake, called for a strategic review including a potential sale, citing governance issues and underperformance. Engine, which owns about 3%, has urged asset sales and changes to Acadia’s board.
Acadia shares have declined 31% so far this year, Reuters reported.
In September, Acadia Healthcare released a statement in response to Engine’s concerns, stating they are committed to increasing long-term shareholder value while maintaining open communication. The company said it aims to focus on expanding access to high-quality behavioral healthcare, improving clinical outcomes and enhancing operational efficiency across their network.
