Two weeks after its dubious earnings debut as a public company following a merger with a blank-check firm, ATI Physical Therapy is replacing its chief executive officer, Bloomberg reports.
ATI said in a statement that Labeed Diab stepped down as CEO and board member, effective immediately. John Larsen, on the board since 2018, was named executive chairman and will lead the company during the search for a new CEO.
The company late last month reported results below analysts expectations and cut full-year revenue projections by as much as 12 percent.
The company, which operates 900 physical therapy clinics across the country, went public through a June merger with Fortress Value Acquisition II.
San Francisco-based law firm Hagens Berman today announced an investigation of the company. Read more.
