Sunrise Senior Living plans CEO Mark Ordan's departure after sale

Publish Date:

Thursday, November 8, 2012

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News Organization:

Washington Business Journal

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Sunrise Senior Living Inc. CEO Mark Ordan, who brought the company back from the brink of bankruptcy, will "transition" from his current role after the company's planned sale to Health Care REIT closes in January, the company announced Thursday.

Greg Neeb, chief administrative and investment officer, and general counsel David Haddock, will also transition out of their roles in 2013. A precise end date to their employment was not provided, but Ordan agreed to remain chief executive for up to a year after closing.

Ordan and Sunrise founder and chairman Paul Klaassen, are both expected to remain on the Sunrise board after the deal finalizes, according to the company.

In August, Toledo, Ohio-based Health Care REIT announced it would buy Sunrise for $845 million, keeping its real estate portfolio and spinning off its operations division to a private buyer, later disclosed to be a group led by Kohlberg Kravis Roberts & Co. LP, Beecken Petty O'Keefe & Company and Coastwood Senior Housing Partners LLC.

In a securities filing on Wednesday, Sunrise said stockholders will be asked to give final approval to deal on Jan. 7. Two waiting periods required under federal anti-trust law have expired.

Sunrise posted a $21.1 million profit on $332 million in revenue in the third quarter, according to results released after the market closed on Wednesday. That's up from a $8.7 million loss on $336 million in revenue in the same period a year earlier.

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