Debbie Osteen has now held the top job at Acadia Healthcare twice. The board, chaired by founder Reeve B. Waud, named her CEO on January 19, 2026, almost four years after she first stepped down.
Her résumé goes a long way toward explaining the choice. Osteen has spent most of her career inside behavioral health operations, first at one of the sector’s largest companies and then at Acadia.
19 Years at Universal Health Services
Before she joined Acadia in December 2018, Osteen worked 19 years at Universal Health Services. She was executive vice president there and president of the behavioral health division. UHS is still one of Acadia’s main peers; Zacks reported 7.4% behavioral health revenue growth at the company in the second quarter of 2026.
She’s also held leadership roles with the National Association for Behavioral Healthcare and the National Action Alliance for Suicide Prevention, and Modern Healthcare has recognized her work.
The First Acadia Run
Osteen ran Acadia from December 2018 to March 2022 and stayed on the board until 2024. When she was reappointed, Jefferies noted that the stock had roughly doubled during her first tenure. It called her return a positive development.
“Debbie is a mission-driven executive with a commitment to patients who helped transform Acadia into the leading provider of behavioral healthcare in the U.S.,”Reeve B. Waud said in January.
She rejoined the board the same day she took the CEO job.
Back at the Desk
“As the largest stand-alone behavioral healthcare company in the U.S., and with joint venture partnerships with deeply respected health systems across the country, the Company is poised for long-term success,” Osteen said.
“I look forward to working closely with our talented team and the Board of Directors to continue to provide care for the most vulnerable patients in our communities and drive value creation,” she added.
Other leadership moves followed. Former CFO David Duckworth came back as interim chief financial officer on May 1.
Her first months back brought two new joint venture hospitals in Florida and Iowa and a raised operating cash flow forecast of $350 million to $400 million. The Acadia partner hospital in Moosic, Pennsylvania, also won a Joint Commission award. Reeve B. Waud, who runs Waud Capital Partners, said the board would keep searching for a long-term successor while she leads. Zacks reported in late September that Acadia shares were up 100% for the year. Osteen’s next report to investors comes with third-quarter results on November 4.
