Brookdale Senior Living names interim CFO
Brookdale Senior Living has named Teresa F. Sparks interim chief financial officer, the company announced Tuesday. The appointment is effective Wednesday. Brookdale Senior Living has named Teresa F. Sparks interim chief financial officer, the company announced Tuesday in an SEC filing. Another filing detailed compensation for new CEO Lucinda “Cindy” Baier and Non-Executive Chairman of the Board Lee S. Wielansky.
Sparks will succeed Baier in the role at the Brentwood, TN-based senior living community operator until a permanent replacement is hired. Baier was named CEO effective Feb. 28.
Sparks, 49, was executive vice president and CFO of Surgery Center Holdings from November 2014, when the company acquired Symbion, until January, according to Brookdale's filing with the Securities and Exchange Commission. Prior to that, she had been senior vice president and CFO of Symbion Holdings Corp. and Symbion Inc. from August 2007 to November 2014, and she had been corporate controller from the time of Symbion's inception in 1996 through August 2007. Sparks had been named a vice president in December 2002.
Before joining Symbion, she served as assistant controller for HealthWise of America, a managed care organization, and was a senior healthcare auditor for Deloitte & Touche.
Sparks is a certified public accountant (inactive) and holds an undergraduate degree in accounting and business administration from Trevecca Nazarene University in Nashville, TN.
As interim CFO, she will receive a bi-weekly salary of $19,230.76, which equals $500,000 on an annualized basis, Brookdale said. She also will be eligible to participate in a cash bonus program whereby she would receive 100% of the base salary earned during her tenure as interim CFO if she meets certain objectives. Details will be worked out over the next two weeks, Brookdale said in the filing.
Baier, Wielansky compensation
In a separate SEC filing earlier this month, Brookdale detailed compensation for Baier and for Non-Executive Chairman of the Board Lee S. Wielansky. Wielansky replaced Daniel Decker, who retired as executive chairman of the board March 1.
Baier will receive a base salary of $825,000, with the opportunity to earn an annual cash bonus equal to 125% of the cumulative base salary paid during the calendar year. She also is entitled to receive an initial award of shares of time- and performance-based restricted stock with an aggregate grant date value of $3 million under the company's 2014 Omnibus Incentive Plan, Brookdale said in the March 6 filing.
Wielansky, a member of the board since April 2015, will continue to receive an annual cash retainer of $100,000 as well as $3,000 for every board meeting and $2,000 for every committee meeting that he attends in person or by phone. Additionally, he will continue to receive an annual award of immediately vested common stock with a grant date fair value of approximately $100,000 for the year just served, anticipated to be granted in February each year. In addition, for his service as non-executive chairman, Wielansky will receive an annual cash retainer of $250,000, which will be pro-rated to reflect a partial year of service for this year.