Franklin, Tenn.-based Acadia Healthcare will pay director and CEO Debbie Osteen $900,000 to stay with the company for two extra months, according to a filing with the Securities and Exchange Commission.
The behavioral health company announced in October that Ms. Osteen would retire by Jan. 31. Ms. Osteen has entered into an agreement with Acadia to delay her retirement until March 31.
Under the terms of the agreement, Acadia will pay Ms. Osteen her base salary and a cash retention bonus of $900,000 for leading the company for two extra months. Ms. Osteen will keep her seat on Acadia's board for the remainder of her term.
Acadia and Ms. Osteen agreed to the employment extension to "assist with and ensure a smooth transition of leadership," the SEC filing states. Her successor has not been named.
Ms. Osteen has more than 36 years of leadership experience and has served as CEO of Acadia since 2018. Before joining Acadia, Ms. Osteen was an executive vice president of King of Prussia, Pa.-based Universal Health Services and president of the company's behavioral health division.