Sunrise Senior Living, McLean, Va., said in a news release that it has terminated the employment of Bradley Rush as chief financial officer for cause, effective May 2.
Last week, the provider of senior living communities suspended Rush with pay for failing to follow company directives during an investigation. At that time, a company spokeswoman said executive officers had been told to retain all documents, both personal and professional, during the companys ongoing investigation.
The probe relates to insider sales of Sunrise stock, the companys historical practices related to stock-option grants and to circumstances related to the historical accounting treatment of certain transactions in its restatement of financials for the years 1999 to 2005. Rush, 46, has served as CFO since August 2005.
Julie Pangelinan, the companys chief accounting officer, was named acting CFO as of April 23.
Frank Morgan, an analyst with Jefferies and Co. who covers Sunrise, said Pangelinan was instrumental in questioning auditors about the companys accounting treatment when she came to Sunrise.
Previously, Pangelinan worked at Marriott International, where she served as vice president, accounting policy from 2003 to 2006 and as senior director of accounting policy from 2000 to 2003. At deadline, a representative for Sunrise was not available for comment. -- by Jessica Zigmond