Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 14, 2023, Cumberland Pharmaceuticals Inc. ("Cumberland" or the
"Company") learned that Joey A. Jacobs, a member of Cumberland's Board of
Directors, had passed away. Mr. Jacobs served as a member of the Company's Board
of Directors since 2011. He was the Chairman of our Governance and Nominating
Committee, as well as our Lead Independent Director.
Mr. Jacobs had over 45 years of experience in the healthcare industry. He was
the former Chairman and Chief Executive Officer of Acadia Healthcare, a
behavioral health company. Mr. Jacobs was also the former Chairman, President
and Chief Executive Officer of Psychiatric Solutions, Inc. (PSI), which he
co-founded in 1997 and grew into a $2 billion behavioral healthcare system
before the company's sale to Universal Health Services in 2010. Prior to
founding PSI, Mr. Jacobs spent 21 years at Hospital Corporation of America, or
HCA, where he served in various capacities.
The Company's Board of Directors plans to meet and reassign Mr. Jacobs'
responsibilities.
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