NASHVILLE, Tenn., June 22, 2015 /PRNewswire/ -- Brookdale
Senior Living Inc. (NYSE: BKD) today announced that Mark Ohlendorf, the Company's President and
Chief Financial Officer, will transition from his current dual
roles to focus on an enhanced role as President. The Company
also announced that Gregory Richard,
the Company's Chief Operating Officer, will step down effective
September 30, 2015. As
President, Mr. Ohlendorf will immediately assume an active role in
the Company's operations leadership and will direct Brookdale's
innovation initiatives.
Andy Smith, Brookdale's CEO,
said, "As we approach the one-year anniversary of the Brookdale and
Emeritus merger and near the conclusion of integrating our
businesses onto a common systems platform, we had a natural
opportunity to examine our executive leadership team and
organizational structure to ensure we have the right people in the
right roles going forward. Through his more than 30 years of
executive leadership in the senior housing and health care
industry, Mark has developed a unique combination of operational
and financial expertise, and we believe these changes will enable
us to fully leverage Mark's expertise as we continue to improve our
operational effectiveness and advance our growth."
"I am excited about the opportunity as Brookdale navigates
through this important stage of its development," said Mr.
Ohlendorf. "We have the best people in the business, and I look
forward to collaborating with our leadership teams and continuing
to refine our operations and innovation strategies as we position
Brookdale for growth and continued value creation."
The Company has initiated a search process to identify a new
Chief Financial Officer and a new Chief Operating Officer, and has
retained Heidrick & Struggles, a leading executive search firm,
to assist in this process. The Company will consider both
external and internal candidates. Mr. Ohlendorf will continue
to serve as the Company's Chief Financial Officer until a successor
is appointed.
Mr. Richard, who joined Brookdale through the merger of American
Retirement Corporation and Brookdale in 2006, has served as COO
since 2013 and as Executive Vice President – Field Operations prior
to that. "On behalf of the Board and everyone at Brookdale, I want
to thank Greg for his leadership and significant contributions to
our company over the past 15 years, including his many
contributions to our organizational integration efforts," said Mr.
Smith. "Greg has been an important member of Brookdale's team, and
we wish him all the best."
About Mark
Ohlendorf
Mark
Ohlendorf has served as the Company's President since
June 2013 and Chief Financial Officer
since March 2007. He previously served as the Company's
Co-President from August 2005 until
June 2013. Mr. Ohlendorf joined the Company through its
merger with Alterra Healthcare Corporation in August 2005, where he was CEO and President since
December 2003. Prior to that, Mr. Ohlendorf served as
President and Chief Financial Officer of Alterra in 2003 and as
Senior Vice President and Chief Financial Officer from 1999 through
2002. Mr. Ohlendorf has over 30 years of experience in the
health care and long-term care industries, having held leadership
positions with such companies as Sterling House Corporation, Vitas
Healthcare Corporation and Horizon/CMS Healthcare
Corporation. Mr. Ohlendorf currently serves on the Board of
Directors of the Assisted Living Federation of America (ALFA) and
previously served as Chairman of ALFA's Board of Directors from
2011 to 2013.
Mr. Ohlendorf earned a bachelor's degree from Illinois Wesleyan University, and is a certified
public accountant.
About Brookdale Senior Living
Brookdale Senior Living
Inc. is the leading operator of senior living communities
throughout the United States. The
Company is committed to providing senior living solutions primarily
within properties that are designed, purpose-built and operated to
provide the highest-quality service, care and living accommodations
for residents. Currently the Company operates independent living,
assisted living, and dementia-care communities and continuing care
retirement centers, with approximately 1,150 communities in 47
states and the ability to serve approximately 111,000 residents.
Through its ancillary services program, the Company also offers a
range of outpatient therapy, home health, personalized living and
hospice services.
Safe Harbor
Certain statements in this press release
may constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to various risks and
uncertainties and include all statements that are not historical
statements of fact and those regarding our intent, belief or
expectations, including, but not limited to, statements relating to
the Company's operational initiatives and innovation strategies,
and the creation of value. Forward-looking statements are
generally identifiable by use of forward-looking terminology such
as "will," "intend," "believe," "continue," or other similar words
or expressions. These forward-looking statements are based on
certain assumptions and expectations, and our ability to predict
results or the actual effect of future plans or strategies is
inherently uncertain. Although we believe that expectations
reflected in any forward-looking statements are based on reasonable
assumptions, we can give no assurance that our expectations will be
attained and actual results and performance could differ materially
from those projected. Factors which could have a material adverse
effect on our operations and future prospects or which could cause
events or circumstances to differ from the forward-looking
statements include, but are not limited to, the risk associated
with the current global economic situation and its impact upon
capital markets and liquidity; changes in governmental
reimbursement programs; our inability to extend (or refinance) debt
(including our credit and letter of credit facilities) as it
matures; the risk that we may not be able to satisfy the conditions
precedent to exercising the extension options associated with
certain of our debt agreements; events which adversely affect the
ability of seniors to afford our monthly resident fees or entrance
fees; the conditions of housing markets in certain geographic
areas; our ability to generate sufficient cash flow to cover
required interest and long-term operating lease payments; the
effect of our indebtedness and long-term operating leases on our
liquidity; the risk of loss of property pursuant to our mortgage
debt and long-term lease obligations; the possibilities that
changes in the capital markets, including changes in interest rates
and/or credit spreads, or other factors could make financing more
expensive or unavailable to us; our determination from time to time
to purchase any shares under the repurchase program; our ability to
fund any repurchases; our ability to effectively manage our growth;
our ability to maintain consistent quality control; risks
associated with regulatory oversight and approvals; the risk that
we may not be able to expand, redevelop and reposition our
communities in accordance with our plans; our ability to complete
acquisitions and integrate them into our operations; competition
for the acquisition of assets; our ability to obtain additional
capital on terms acceptable to us; a decrease in the overall demand
for senior housing; our vulnerability to economic downturns; acts
of nature in certain geographic areas; terminations of our resident
agreements and vacancies in the living spaces we lease; early
terminations or non-renewal of management agreements; increased
competition for skilled personnel; increased union activity;
departure of our key officers; increases in market interest rates;
environmental contamination at any of our communities; failure to
comply with existing environmental laws; an adverse determination
or resolution of complaints filed against us; the cost and
difficulty of complying with increasing and evolving regulation;
risks relating to the integration of Emeritus and the transactions
with HCP, Inc., including in respect of unanticipated difficulties
and/or expenditures relating to such transactions; the impact of
such transactions on the Company's relationships with residents,
employees and third parties; and the inability to obtain, or delays
in obtaining, cost savings and synergies from such transactions; as
well as other risks detailed from time to time in our filings with
the Securities and Exchange Commission, including our Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q. When considering
forward-looking statements, you should keep in mind the risk
factors and other cautionary statements in such SEC filings.
Readers are cautioned not to place undue reliance on any of these
forward-looking statements, which reflect our management's views as
of the date of this press release. We cannot guarantee future
results, levels of activity, performance or achievements and we
expressly disclaim any obligation to release publicly any updates
or revisions to any forward-looking statements contained herein to
reflect any change in our expectations with regard thereto or
change in events, conditions or circumstances on which any
statement is based.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/brookdale-announces-leadership-changes-300102367.html
SOURCE Brookdale Senior Living Inc.