Youth mental health company Sandstone Care’s board chairman has stepped into the CEO role on an interim basis, following the departure of its former CEO and chief growth officer.
The company’s private equity backer, The Vistria Group, told Sandstone Care employees in a memo that CEO Brad Owens and Chief Growth Officer Mike Frisbie had decided to leave the company. Owens was appointed to the CEO role in June 2025. He will step away from the role on April 3. Frisbie joined the company in January 2025. He departed his role as of March 20.
“We are grateful for their leadership and many contributions to Sandstone and thank them for their commitment to the organization and the communities we serve,” the memo states. “Please join us in thanking Brad and Mike for their service and dedication, and in wishing them the very best in their future endeavors.”
Phil Herschman, board chairman of Sandstone Group, began as interim CEO on March 23. The memo states there are no changes to program operation or team structures, as the company’s priority is “continuity of care for clients and support for our teams.” During the executive leadership transition, the company’s growth teams will report to Herschman.
The Sandstone Care board is conducting searches for a new CEO and chief growth officer.
“We are committed to identifying leaders with both sector expertise and a track record of execution at scale,” the memo from the Vistria Group states.
Herschman has been in the behavioral health space for over 50 years, first as a clinician and later as an executive. He spent about 13 years with CRC Health Group as a clinical leader, including as chief clinical officer and segment president. The company was sold to Acadia Healthcare (Nasdaq: ACHC) in 2015.
The Vistria Group invested in Sandstone Care — headquartered in Denver, Colorado — in July 2022. The company operates 16 locations in Colorado, Virginia and Maryland, according to its website.
Sandstone Care provides behavioral health services to teens and young adults, up to age 35. Its programming includes detox, residential addiction and mental health services and outpatient services that include partial hospitalization (PHPs) and intensive outpatient programming (IOP).