Andy Smith out as Brookdale CEO as strategic review process concludes
T. Andrew Smith is being replaced as president, CEO and board member at Brookdale Senior Living, and Daniel Decker will be leaving his position as executive chairman of the board, the company announced this morning in advance of its fourth-quarter and full-year 2017 earnings call.
Lucinda “Cindy” Baier, chief financial officer of the Brentwood, TN-based company since 2015, has been named Smith's successor. The appointment is effective Feb. 28.
Decker will be replaced by Lee S. Wielansky, who will be non-executive chairman of the board, now that Brookdale's strategic review process has concluded. Wielansky is chairman and CEO of Midland Development Group as well as chairman and CEO of Opportunistic Equities, a company that specializes in low income housing.
Decker, president and owner of senior housing investment firm CoastWood Senior Housing Partners, will retire from the board March 1.
Also leaving the company will be Bryan Richardson, executive vice president and chief administrative officer, and board member William G. Petty Jr., co-founder and partner of private equity management firm Beecken Petty O'Keefe & Co.
Brookdale began its strategic review process in February 2017. The country's largest senior living community operator said it rejected a bid to be acquired for $9 per share, “which purported to range up to $11 per share in cash subject to conditions that the board did not believe were likely to be satisfied.”
“The board did not believe this indication of interest was acceptable given the board's view of the value of the company and its assets and the board's belief that the company can ultimately create more value for shareholders by executing a turnaround strategy as a public company under new leadership,” Brookdale said in a press release. “As a result, the board has concluded the formal strategic review process but remains committed to continuously evaluating all opportunities to enhance shareholder value.”
McKnight's Senior Living will have updates on this news.
Update: See McKnight's Senior Living's interview with Cindy Baier here.