Sonida Senior Living (NYSE: SNDA) leader Kim Lody is stepping down from her post, and current COO Brandon Ribar is slated to lead the company as its new CEO.
Lody, who joined Sonida approximately eight years ago and ascended to the CEO role in 2019, will continue to work in her role through Sept. 2 to oversee the transition to Ribar’s leadership, the company announced Thursday.
During her time at Sonida, Lody undertook a three-year turnaround plan — dubbed “stabilize, invest, nurture and grow,” or SING — and ultimately overhauled the operator’s operations and resident programming; exited leases on certain unprofitable assets and helped to reshape the company’s leadership. . She also led the company through its rebranding from Capital Senior Living to Sonida. .
Those efforts culminated in a recapitalization and debt refinancing of the company’s mortgage debt.
“As Sonida continues its recovery from the pandemic, I felt the time was right for me to place the reins of the organization into the hands of its next leader,” Lody said in an announcement. “During the past several years, Brandon and I worked closely together on many key operational and balance sheet initiatives, and he is well positioned to lead the company in its next phase of growth.”
Ribar, who was named COO in 2019, is taking the reins as the company continues its ongoing recovery and growth.
“There is a compelling opportunity for the company to leverage our operating platform to address the growing need for our exceptional quality of care at accessible prices,” Ribar said in the announcement.
Prior to joining Sonida, Ribar was senior VP of operations at Golden Living, where he oversaw more than 20,000 employees throughout a portfolio of 305 skilled nursing and assisted living communities.
Ribar’s experience extends beyond operations, though. While at Golden, he also served as senior VP of operational finance and strategy. And prior to joining Golden, Ribar served as VP of healthcare investments at Fillmore Capital Partners, a private equity firm with more than $5 billion under management.
This is a developing story that will be updated.
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