New Senior Appoints Robert Savage to Board of Directors
February 23 2016 - 6:54PM
Business Wire
Announces Settlement Agreement with Levin
Capital Strategies
New Senior Investment Group Inc. (the “Company”; NYSE:SNR) today
announced the appointment of Robert Savage as a director of the
Company, effective immediately following the filing by the Company
of its Annual Report on Form 10-K for the year ended December 31,
2015.
Mr. Savage will serve as a Class III director with a term
expiring in 2017. The Board has determined that Mr. Savage is
“independent” under the rules of the New York Stock Exchange and
the Securities and Exchange Commission. After giving effect to Mr.
Savage’s appointment, the Board of Directors includes seven
directors.
Mr. Savage was the President and Co-Founder of KTR Capital
Partners from 2005 until the sale of the company in 2015. Prior to
founding KTR, Mr. Savage was Executive Vice President, Chief
Operating Officer and Trustee of Keystone Property Trust,
(“Keystone” NYSE: KTR) an industrial real estate investment trust.
From 1997 to 2000, Mr. Savage was a Partner at Hudson Bay Partners,
L.P., a private equity firm. Previously, he worked in the
Investment Banking Division at Merrill Lynch & Co. where he
specialized in corporate finance and M&A advisory services for
REITs, real estate private equity funds and hospitality companies.
Mr. Savage is a member of the Board of Trustees of Mount Sinai
Medical Center in New York. He is also a member of the Policy
Advisory Board at the Fisher Center for Real Estate and Urban
Economics at the University of California, Berkeley.
Mr. Savage was appointed pursuant to an agreement with a
stockholder group of the Company, including Levin Capital
Strategies, L.P. (collectively, the “Levin Group”). The Levin Group
has agreed to customary standstill restrictions through 30 days
prior to the deadline for the submission of stockholder nominations
for directors for the 2017 Annual Meeting, and has agreed to vote
all of its shares at the 2016 Annual Meeting in favor of the
director nominees of the Company’s Board of Directors. The
agreement will be filed by the Company with the U.S. Securities and
Exchange Commission as an exhibit to the Company’s Annual Report on
Form 10-K for the year ended December 31, 2015.
“We are pleased to welcome Bob to our Board of Directors, and
believe that our agreement with the Levin Group is a positive
development for our stockholders,” stated Susan Givens, the
Company’s Chief Executive Officer.
Mr. Savage stated, “I am excited to join the New Senior Board
and look forward to working collaboratively with the Board and
management team to drive value for shareholders over the long
term.”
John Levin of the Levin Group added, "We are pleased to have
reached this agreement with New Senior. Bob has extensive industry
experience on the real estate advisory, operating, and investing
side and brings valued expertise to the New Senior Board that
should be beneficial for all shareholders."
ABOUT NEW SENIOR
New Senior is a real estate investment trust focused on
investing in senior housing properties across the United States.
The Company is the only pure play senior housing REIT and is one of
the largest owners of senior housing properties. New Senior owns
154 properties located across 37 states. New Senior is managed by
an affiliate of Fortress Investment Group LLC, a global investment
management firm. More information about New Senior can be found at
www.newseniorinv.com.
FORWARD-LOOKING STATEMENTS
Certain items in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are not
historical facts. They represent management’s current expectations
regarding future events and are subject to a number of trends and
uncertainties, many of which are beyond the Company’s control, that
could cause actual results to differ materially from those
described in the forward-looking statements. Accordingly, you
should not place undue reliance on any forward-looking statements
contained herein. For a discussion of some of the risks and
important factors that could affect such forward-looking
statements, see the sections entitled “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the Company’s annual and quarterly
reports filed with the U.S. Securities and Exchange Commission,
which are available on the Company’s website
(www.newseniorinv.com). New risks and uncertainties emerge from
time to time, and it is not possible for New Senior to predict or
assess the impact of every factor that may cause its actual results
to differ from those contained in any forward-looking statements.
Forward-looking statements contained herein speak only as of the
date of this press release, and New Senior expressly disclaims any
obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in New Senior’s expectations with regard thereto or change in
events, conditions or circumstances on which any statement is
based.
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New Senior Investment Group Inc.David Smith, 212-479-3140
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