LUNGevity Foundation and Acadia Healthcare have both added a senior finance executive to their boards, underscoring a trend of health care organizations seeking capital markets expertise as they navigate strategic and operational challenges. The appointee, Jason Bernhard, brings nearly three decades of investment banking experience and deep knowledge of the health care sector.
LUNGevity Foundation, the leading nonprofit focused on improving outcomes for people with lung cancer, announced that Bernhard has joined its Board of Directors. In his role at Lazard, where he serves as Managing Director and Global Chief Operating Officer of Financial Advisory, Bernhard has advised health care clients on complex transactions for more than 20 years. LUNGevity leaders emphasized that his strategic thinking and familiarity with capital markets will help the foundation expand its research, care and advocacy initiatives and accelerate progress toward making lung cancer a survivable disease.
Jason Bernhard framed his decision to join LUNGevity as both a personal and professional commitment to advancing solutions in lung cancer, noting the organization’s work to change the landscape of diagnosis and treatment. LUNGevity’s board is composed of leaders from business, medicine, law and advocacy, and trustees said Bernhard’s addition strengthens the board’s capacity to guide growth and impact.
In a separate governance development, Acadia Healthcare, the Franklin-based behavioral health services provider, elected Bernhard to its board, bringing the company’s board membership to eight. Bernhard’s appointment to Acadia follows a long tenure at Lazard, where he has been a leader in health care investment banking, serving as head of health care investment banking for North America and as a vice chairman of investment banking overall. Local reporting on the appointment is available.
Acadia’s board chair, Reeve Waud, characterized Bernhard’s perspectives as a valuable complement to the company’s strategic priorities, citing expectations that his business, financial and capital markets expertise will help drive long-term shareholder value. The addition comes amid shareholder activism and strategic review at Acadia. New York investment firm P2 Capital Partners recently disclosed a roughly 7.3 percent stake and signaled plans to engage with management about measures to maximize shareholder value. Under CEO Debbie Osteen, Acadia is also considering the potential divestiture of its roughly $1.1 billion United Kingdom operations acquired in 2016.
Market context has been turbulent for Acadia in recent months. The company’s shares, trading under the ticker ACHC, experienced a pronounced late-summer decline of more than 20 percent before beginning a gradual recovery. The stock closed most recently in the low $30s, reflecting investor scrutiny as the company weighs strategic options and responds to engagement from an activist investor.
Bernhard’s dual board roles illustrate how leading nonprofits and health care companies are increasingly turning to executives with transactional and capital markets experience to navigate a complex operating environment. His background at Lazard, combined with direct experience advising health care clients, positions him to influence governance decisions that span fundraising, M&A, and long-term strategic planning for organizations confronting both clinical and commercial pressures.