DALLAS — Larry Cohen, CEO and vice chairman of publicly traded operator Capital Senior Living Corp. (NYSE: CSU), has announced he will retire effective Jan. 1, 2019.
Cohen has been with Capital since 1996, and was promoted from CFO to CEO in 1999. A longtime industry icon, he was a founding member of the American Seniors Housing Association (ASHA) and later served as chairman of the organization. He also serves on the Operator Advisory Board of the National Investment Center for Seniors Housing & Care (NIC).
“This is a dynamic time in our industry, and we have significant work ahead to drive occupancy growth, stabilize our rates and continue to execute on our operational improvement initiatives,” says Cohen. “The strength of our team, reputation for providing quality senior housing services and differentiated strategy focused on owned real estate give me a high degree of confidence in Capital Senior Living's long-term prospects."
The Capital Senior Living Board of Directors says it will work alongside Cohen and the leadership team to ensure a smooth transition. The board has initiated a search to identify an external candidate to serve as CEO and has engaged Heidrick & Struggles, an executive search firm, to assist with that process.
Capital Senior Living Corp. is one of the largest owners and operators of seniors housing in the United States, with an operational portfolio of 129 communities totaling 16,523 units. Like many other publicly traded owners and operators, it has seen its stock prices fall dramatically in recent years amid record-low occupancy in the sector.
CSU’s stock price closed at $7.69 per share on Tuesday, Aug. 21, down from $12.01 a year ago and a five-year high of $27.51 on April 6, 2015.