NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD), the largest owner and operator of seniors housing communities in the U.S., has announced two of its executives will step down amidst slumping stock prices.
Mark Ohlendorf, the company’s president, will resign effective March 18. Kristin Ferge, the company’s executive vice president and former chief accounting officer and treasurer, will step down effective March 11.
Andy Smith, Brookdale’s CEO, will assume the role of president in addition to his existing role as chief executive officer.
“As we’ve worked through the transition process following the hiring of Labeed Diab as our new chief operating officer and Cindy Baier as our new chief financial officer late last year, we have continued to refine our thinking regarding the organizational structure necessary to position us for future growth and success,” says Smith. “As a result of that review, we have determined that it is best to move most of the functions currently reporting to Mark and Kristin to the organizations headed by Labeed and Cindy.”
Diab will assume oversight of Brookdale’s service alignment and owner relations functions, and Baier will assume oversight of the company’s pricing, revenue cycle management and analytics initiatives. Smith will assume oversight of corporate development function and strategy and innovation initiatives.
Ohlendorf served in a variety of executive leadership roles for Brookdale and one of its predecessor companies since 1997, including as chief financial officer from March 2007 until November 2015.
Ferge joined one of Brookdale’s predecessors in 1998 and has served as an executive vice president since August 2005 and as chief accounting officer from July 2014 through January 2016.
Brookdale acquired fellow seniors housing giant Emeritus for $2.8 billion in 2014. Although stocks initially saw a lift in the months following the merger, the last 12 months have seen stock prices fall from $38.16 on March 2, 2015, to $14.37 on Feb. 29, 2016. On Feb. 8, 2016, the stock price traded at just $11.80.