SPAC Earnings Fiasco Spurs CEO Shakeup at ATI Within Two Weeks
- Labeed Diab exits as chief executive, effective immediately
- ATI shares plunged 54% in two days and had law firms inquiring
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Two weeks after its dubious earnings debut as a public company following a merger with a blank-check firm, ATI Physical Therapy Inc. is replacing its chief executive officer.
ATI, which operates about 900 physical therapy clinics across 25 U.S. states, said in a statement Monday 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 help lead the company as it searches for its next chief executive.