After a turbulent 2019 marked by executive shakeups, a lawsuit, and a high-profile delisting from the New York Stock Exchange (NYSE), AAC Holdings — the parent company of American Addiction Centers — is seeking to turn the page. Now, with the promotion of Andrew McWilliams to CEO, the Brentwood, Tennessee-based addiction treatment provider is signaling a fresh start and renewed focus on stability, growth, and patient-centered care.
McWilliams, a seasoned executive who joined the company in 2014 as chief accounting officer and later became CFO in 2018, takes over for company founder Michael Cartwright, who had been serving as interim CEO. Cartwright will remain in his role as chairman of the board.
The announcement marks a pivotal moment for AAC Holdings, which has faced mounting challenges in recent years but remains committed to its mission: delivering best-in-class addiction treatment services across the country.
AAC’s Rocky Road to Recovery
Founded in 2007, American Addiction Centers quickly grew into one of the nation’s leading providers of inpatient and outpatient addiction treatment. The company expanded its presence to eight states and made history in 2014 by becoming the first publicly traded addiction treatment provider in the United States when it was listed on the NYSE.
At its peak in 2015, AAC boasted a market capitalization of $1 billion. However, the years that followed brought significant financial and reputational setbacks. By the end of 2019, AAC’s market cap had plummeted below the NYSE’s minimum threshold of $15 million over a 30-day trading period — triggering the company’s delisting from the exchange.
The financial downturn coincided with major leadership changes, including the departure of President and COO Michael Nanko and the resignation of four board members. These developments, along with growing scrutiny of its advertising practices and a lawsuit against the National Association of Addiction Treatment Providers (NAATP), painted a picture of a company in crisis.
But amid the instability, AAC leadership has maintained a public commitment to a long-term turnaround strategy. And now, with Andrew McWilliams at the helm, AAC appears poised to take actionable steps toward that goal.
The Leadership of Andrew McWilliams
McWilliams brings both financial acumen and operational experience to his new role. Since joining AAC in 2014, he has overseen key areas of the company’s financial performance and infrastructure, guiding the organization through a series of ups and downs. His deep familiarity with the company’s inner workings, paired with a steady leadership style, make him a logical and stabilizing choice for the top position.
In a statement following his appointment, McWilliams struck a tone of optimism and determination: “Under my leadership, we will continue to set the standard in the industry for high-quality care. I’m excited for what the future holds for the company, and I look forward to carrying out our mission alongside Andrew [Cartwright] as chairman.”
Chairman Michael Cartwright echoed that sentiment, saying: “[McWilliams]’s commitment to our patients, and his vision to continue to provide best-in-class treatment, made him the ideal candidate to propel AAC forward through 2020 and beyond.”
Rebuilding AAC: A 10-Year Plan
Even before the CEO transition, McWilliams and Cartwright had begun laying the foundation for AAC’s comeback. In 2019, they presented investors with a 10-year strategic plan designed to improve clinical outcomes, expand patient access, and restore financial strength.
While the specific details of the plan have not been made public, the company has emphasized its intent to enhance care quality, implement operational efficiencies, and diversify revenue streams beyond traditional inpatient treatment. This forward-looking approach reflects the evolving landscape of addiction treatment, where demand for flexible, community-based solutions continues to grow.
In line with this vision, AAC has reportedly explored partnerships, telehealth integration, and targeted marketing strategies aimed at rebuilding trust and restoring brand equity.
Legal Controversy and Industry Challenges
Complicating AAC’s recovery efforts has been its strained relationship with the National Association of Addiction Treatment Providers (NAATP). In 2019, AAC filed a lawsuit against the organization, accusing it of orchestrating a campaign to block AAC from advertising its services on Google.
While NAATP has denied the allegations, the dispute underscores deeper tensions within the addiction treatment industry, where concerns about unethical marketing and profiteering have triggered increased scrutiny of advertising practices. For AAC, which relies heavily on digital marketing to reach patients, losing access to Google Ads was a significant blow.
Whether the lawsuit will result in any meaningful resolution remains to be seen, but AAC’s willingness to take legal action highlights the high stakes involved in maintaining visibility in a competitive treatment marketplace.
Looking Forward: AAC’s Future Under New Leadership
With McWilliams now formally in place as CEO, AAC is entering a critical phase in its journey. The company must navigate the lingering challenges of public perception, regulatory pressure, and financial recovery — all while delivering effective, compassionate care to a vulnerable patient population.
Despite the setbacks, AAC’s core strength lies in its infrastructure and mission. With treatment centers across the country, a team of dedicated clinicians, and a renewed leadership structure, the organization is well-positioned to leverage its assets and regain momentum.
Moreover, as the national conversation around addiction, mental health, and recovery continues to evolve — with increased support for parity laws and expanded coverage under Medicaid and Medicare — AAC may find a more favorable policy environment in which to operate.
Success will ultimately hinge on the company’s ability to deliver measurable outcomes, maintain ethical marketing practices, and rebuild stakeholder confidence. With McWilliams at the helm and Cartwright’s continued guidance as chairman, AAC has a leadership team that blends institutional knowledge with a long-term vision.
Final Thoughts
The appointment of Andrew McWilliams as CEO of AAC Holdings marks a decisive step toward renewal for the parent company of American Addiction Centers. After a challenging year filled with leadership changes, financial struggles, and legal battles, AAC is seeking to chart a new course.
While the road ahead is undoubtedly complex, the company’s leadership has demonstrated a clear commitment to restoring stability, enhancing care quality, and advocating for sustainable business practices. For the thousands of individuals and families who depend on AAC for treatment and recovery, the hope is that this new chapter will bring lasting improvements — not just for the company, but for the broader field of addiction care.
As McWilliams takes the reins, all eyes will be on how AAC turns promise into performance in the months and years to come.
