ATLANTA — AdCare Health Systems (NYSE MKT: ADK) (NYSE MKT: ADK.PRA), an Atlanta-based skilled nursing owner, has fired William McBride III, the company’s CEO and chairman of the board, amid revelations that he misrepresented his education history.
According to an SEC filing by the company, AdCare began an internal investigation on April 2 that revealed McBride claimed that he earned a master’s degree from the University of California Los Angeles, which is not true. This false claim was then repeated in official company press releases and SEC filings.
To replace McBride, AdCare has promoted its president and CFO, Allan Rimland, to the CEO position.
Rimland joined the company in 2015. He previously was a managing director at Stephens Inc., a financial services firm. Previously he was a managing director at JMP Securities LLC, an investment bank, where he served as co-head of its Healthcare Services and IT Investment Banking Group. Before that he was an investment banker at a number companies including Wachovia Capital Markets, Banc of America Securities and Morgan Stanley Dean Witter.