Psychiatric Firm Chairman Resigns

James W. Conte, chairman of Community Psychiatric Centers, said Friday that he is stepping down and handing over the reins of the company to his son.

Richard Conte, 38, takes over immediately as chief executive officer, the company said at its annual stockholders meeting.

James Conte said in a statement that he does not need to remain with the company until November, his original retirement date.

In addition, 41-year-old Loren B. Shook was appointed president and chief operating officer. Shook, who was president of the U.S. Hospital Division, succeeds Richard Conte as president.

In another announcement, the company said that it is creating a “transitional care” subsidiary, Transitional Hospitals Corp.