Long-term-care provider Sunrise Senior Living, McLean, Va., said it settled the lawsuit filed by Millenco, a New York-based broker-dealer, and that it will hold its annual meeting of shareholders on Oct. 16. The board also agreed to expand the size of its board to nine members from eight, and it approved Millencos recommendation to name Lynn Krominga as a director for an initial term of office that expires at the annual meeting, according to the companys filing with the Securities and Exchange Commission.
Earlier this summer, Millenco sought an order from the Court of Chancery in Delaware requiring that Sunrise hold its annual meeting within 45 days of when the court order was entered. At the October meeting, Paul Klaassenchairman and chief executive officer at Sunriseand Craig Callen, both incumbent directors whose terms end at the 2007 meeting, will stand for election to the director class that expires in 2010. Krominga, an attorney and business executive who has been a consultant to private-equity firms and venture capital companies since 1999, will also stand for election at that time.
Sunrise also said it named Richard Nadeau as chief financial officer to succeed Bradley Rush. Rush left in May when the company said it terminated him for cause. Julie Pangelinan, the companys chief accounting officer, has served as interim CFO since April 23. Nadeau, 53, has consulted for the senior-living provider on the companys pending restatement and Sarbanes-Oxley compliance efforts since July. Most recently, Nadeau was the CFO at the Mills Corp., a real estate developer of shopping malls and retail and entertainment centers.
As of June 30, Sunrise operated 453 communities in the U.S., Canada, Germany and the U.K., and said it had an additional 38 communities under construction. -- by Jessica Zigmond
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