Centric Health Corp. (CHH.TO: Quote) announced that it has appointed David Cutler as its President and Chief Executive Officer. Cutler will assume his responsibilities during September 2012.
Cutler joins Centric Health from Leisureworld Senior Care Corp.(LW.TO: Quote), where he is President and Chief and Executive Officer, a position he has held since 2005. As President and CEO, Cutler oversaw the growth of the company to more than $300 million in revenue, 33 Long Term Care and Retirement Home locations and 5,800 employees, as well as the initial public offering of Leisureworld shares in 2010. Cutler began his career with Leisureworld in 1990 as Vice-President of Operations and became Chief Operating Officer in 1999.
In connection with his appointment, Cutler will be entitled to the following security issuances, subject to TSX approval: (i) a one-time signing bonus of 1 million Centric Health shares, to be held in trust for his benefit and to be released at set intervals over the next four years, provided he is employed by Centric Health at such time; (ii) restricted share units for 500,000 common shares of Centric Health pursuant to the terms of Centric Health's restricted stock unit plan; and (iii) subscription for Centric shares via private placement up to the value of $500,000, loaned by Centric, to be priced at 85% of the relevant market price of the shares, including Warrants on a one for one basis to the number of Centric shares purchased in terms of such private placement.
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by RTT Staff Writer
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