American Addiction Centers president and COO Michael Nanko has resigned, effective June 14, according to an AAC filing with the U.S. Securities and Exchange Commission.
Nanko leaves AAC one month after CEO Michael Cartwright and CFO Andrew McWilliams conducted a call with investors to map out a 10-year strategy for the company to reverse a slide that began in 2015. On May 17, AAC announced that it had received a notice from the New York Stock Exchange that its stock was at risk of being delisted as its average market capitalization was less than the required $50 million over a 30-day trading period and that its stockholders’ equity was also less than $50 million.
Nanko’s departure was first reported by the Nashville Business Journal. He will receive four months’ pay in severance, and his responsibilities will be transferred to other executives within the organization, per the SEC filing. Nanko joined AAC in January 2018 having previously served as president of behavioral health services for HCA Healthcare, and as an executive at Kaiser Permanente Foundation Health Plan and Hospitals in northern California.
AAC’s stock closed trading on Monday at an even 70 cents per share, up .63%. The stock’s peak value over the past 52 weeks was $10.675.