BRENTWOOD, Tenn. — Lucinda (Cindy) Baier has stepped down as president and chief executive officer of Brookdale Senior Living (NYSE: BKD), effective April 13.
According to Brookdale, the largest U.S. seniors housing operator based on the American Seniors Housing Association’s 2024 ASHA 50 rankings, the company entered into a separation agreement with Baier and has initiated a search for a new CEO. Baier also resigned from Brookdale’s board of directors.
Baier first joined the company in February 2018. Prior to becoming the CEO, she served as Brookdale’s chief financial officer.
“It has been an honor and a privilege to lead Brookdale and to work alongside the company’s incredible team,” says Baier. “I take pride in what we have accomplished through the resourcefulness and hard work of Brookdale’s associates. I know that Brookdale will continue to be a leader in the industry and a place that senior residents feel at home.”
A committee comprising Denise Warren, chairman of the board, and three independent directors will lead the search for a new CEO, with support from executive search firm Spencer Stuart. Warren will also serve as interim CEO until a new permanent leader is selected.
Additionally, Brookdale has announced that Mark Fioravanti, president and CEO of Ryman Hospitality Properties, has been appointed to the board and will serve as independent director, with Frank Bumstead stepping down at the conclusion of the company’s annual meeting of stockholders.
As of year-end 2024, Brookdale operated 647 senior living communities with roughly 36,000 employees. Brookdale’s stock price closed at $5.75 per share on Friday, April 11, up from $5.03 at the close of 2024 but well below its 52-week high of $8.12 per share.
— Hayden Spiess