It looks like a lot of the shareholders new to Acadia Healthcare are ready to make a break with the past. At the behavioral health care provider's annual meeting last week, investors only just approved the re-election of lead director Reeve Waud. Of the votes cast, Waud — whose Waud Capital Partners backed Acadia's launch in 2005 and which still owns 29 percent of the company — received only 56 percent in favor. A year ago, Waud got more than 76 percent of votes cast.
The shareholders' meeting came three weeks after an overhaul of Acadia's board that slashed Waud Capital's presence. (The firm has over the past year sold off half its Acadia holdings.) One small comfort to Waud: He now won't have to stand for re-election until 2016.