Brookdale Senior Living Inc. (BKD) announced Monday that the Board of Directors effected a Chief Executive Officer transition plan and appointed a new independent director. Brookdale's Board initiated a search for the Company's next Chief Executive Officer.
The company also announced that a tenured director will not stand for reelection and disclosed the Board's review of potential enhancements to corporate governance policies.
To effect this change, the Company entered into a separation agreement with Lucinda Baier under which Baier stepped down as President and Chief Executive Officer, effective April 13, 2025. Baier also resigned from the Company's Board of Directors.
The Board formed a CEO Search Committee made up of Denise Warren, Chairman of the Board, and three independent directors to conduct the CEO search, with the support of Spencer Stuart, a leading executive search firm.
To oversee the Company's day-to-day operations and ensure business continuity until a permanent CEO is named, the Board appointed Warren as Interim CEO and established an Office of the CEO, composed of Warren, Dawn Kussow, Executive Vice President and Chief Financial Officer, and Chad White, Executive Vice President, General Counsel and Secretary.
Additionally, the Company announced that based on preliminary results, Brookdale's first quarter 2025 Adjusted EBITDA is expected to exceed both the Company's and analysts' consensus expectations. The Company also anticipates RevPAR will exceed its internal expectations.
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