NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD), a Nasville-based company that is the largest operator of seniors housing in the country, has made a variety of changes to its corporate structure.
Steven Swain, who serves as Brookdale’s chief financial officer, will leave the company on Feb. 24. Dawn Kussow, currently chief accounting officer, will replace Swain while continuing to serve in her current role.
Meanwhile, Rick Wigginton was promoted to chief sales officer.
Kevin Bowman, executive vice president of community operations, left the company on Jan. 12. Laura Fischer and Benjamin Ricci will continue to lead the operations for the company’s west and east divisions, and each will now report directly to CEO Cindy Baier.
The reasons for the employment shakeup were not disclosed, though the company simultaneously released changes to its full-year 2022 financial expectations based on its preliminary, unaudited results.
“We have demonstrated a successful growth strategy with our strong 2022 top-line growth,” says Baier. “This week, we have taken meaningful actions to streamline our organization to drive improved efficiency and better align our expenses with revenue.”
Based on the Company’s preliminary, unaudited 2022 financial results, the Company expects:
Full-year guidance for RevPAR growth will be achieved; while full-year adjusted EBITDA will be modestly below the previously issued guidance range. Compared to the company’s previous estimates, Brookdale expects total revenue and other operating income to exceed expectations as facility operating expenses will increase slightly above 1 percent in the fourth quarter relative to the third quarter.
Brookdale’s stock price fell slightly following the announcements, closing at $2.91 per share Thursday, Jan. 12 (before the press release) to closing at $2.73 on Friday, Jan. 13 (the day of the press release). The stock price was at $5.41 per share one year ago.
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