Chief Operating Officer Brett D. Lee is out at Capital Senior Living Corp., effective immediately, the Dallas-based company announced Thursday morning in conjunction with the company’s fourth-quarter and full-year 2018 earnings call Thursday morning.
Lee had joined the company as executive vice president and COO in August 2017.
Capital’s revenue in the fourth quarter was $115.1 million, a 1.6% decrease from the fourth quarter of 2017. Revenue for the full year of 2018 was $460 million, a 1.5% decrease from 2017.
“In reflecting on the company’s operating performance in 2018 and charting a course for 2019 and beyond, we determined that a change in operational leadership is necessary at this time,” President and CEO Kimberly S. Lody said in a press release. During the call, Lody said the company was “deeply disappointed” in the company’s financial performance.
Lody, who assumed the CEO position in January, will serve as COO while Capital searches for Lee’s replacement. Lody has been a member of the company’s board since 2014 and was part of a three-person executive committee of the board overseeing the development of the company’s strategic and operational direction after Larry Cohen in August 2018 announced his intended retirement as CEO.
“We expect market conditions to remain challenging in 2019, but we are confident that we will make significant progress towards improving the consistency and predictability of our operating results,” Lody said. “We recognize the opportunities ahead, and we are focused on building a stronger Capital Senior Living for the benefit of our shareholders and all stakeholders.”
New chief revenue officer position
In addition, the company announced that Michael C. Fryar joined Capital Senior Living as chief revenue officer, a newly created role, on Feb. 25.
Fryar most recently was vice president / North America Marketing for GN Hearing, part of the medical device division of the GN Group, which focuses on intelligent audio solutions for medical, professional and consumer markets. Lody was president of GN Hearing before becoming president and CEO of Capital Senior Living.
At GN Hearing, Fryar led marketing strategy, product management, communications, technical support, consumer support and specialty sales teams for multiple business units across the continent.
“Mike’s impressive background in consumer marketing, especially in the area of senior-related healthcare products and services, is exactly what is needed at Capital Senior Living,” Lody said. “His deep expertise includes deploying both digital and traditional marketing methods to fuel top-line growth, and he understands how to effectively support and drive results through the consumer experience and with a geographically dispersed sales organization. We look forward to the contributions Mike will make in this new and vital role.”
McKnight’s Senior Living will have updates on this news.