The No. 2 executive at AAC Holdings has stepped down from his position less than a year and a half after joining the addiction treatment provider.
Michael Nanko resigned from his president and COO roles last Friday. In a filing with the Securities and Exchange Commission, the Brentwood-based company said his previous tasks have been distributed among other executives. Nanko will receive nearly $190,000 in severance pay over the next four months.
Nanko joined the company after spending about two and a half years in leadership roles at HCA Healthcare’s behavioral services division. In announcing his hire in late 2017, Chairman and CEO Michael Cartwright praised Nanko’s operations experience and his fit with the company’s “continued emphasis on acute care opportunities.” But that side of the business was hammered last summer by a change in Google search algorithms that severely disrupted AAC’s patient recruitment pipeline.
Nanko’s exit came a month to the day after Cartwright hosted a conference call to lay out his vision for the future of AAC, one that de-emphasizes traditional inpatient care largely funded by insurers in favor of a broader mental health approach that’s more consumer-direct in nature. The new plan includes a line of nutraceuticals, the first of which will be launched next month.
Shares of AAC (Ticker: AAC) fell 1.7 percent Thursday to close at 66 cents. They have lost more than 90 percent of their value over the past year.