Two executive leaders at Brookdale Senior Living, the nation's largest senior and assisted-living company, stepped down Tuesday as the company reels from financial losses.
Mark Ohlendorf, president, will step down March 18. CEO Andy Smith will assume the role of president upon Ohlendorf's departure.
Ohlendorf has been with Brookdale since 1997 and served as chief financial officer from March 2007 until November 2015.
Kristin Ferge, executive vice president, will step down March 11. Chief Operating Officer Labeed Diab and Chief Financial Officer Cindy Baier will take over her duties. Both Diab and Baier were hired late last year, according to the news release.
Ferge joined Brookdale in 1998 and has served as executive vice president since August 2005.
Smith said in a news release, “We have continued to refine our thinking regarding the organizational structure necessary to position us for future growth and success. As a result of that review, we have determined that it is best to move most of the functions currently reporting to Mark (Ohlendorf) and Kristin (Ferge) to the organizations headed by Labeed (Diab) and Cindy (Baier)."
Diab will oversee alignment and owner relations, while Baier will oversee pricing, manage revenue cycles and analytics.
Brookdale continues to struggle from its $2.8 billion acquisition of Emeritus Corp. in July 2014.
The company reported stagnant revenue in the fourth quarter of last year, with $1.24 billion in revenue compared with $1.25 billion reported for the same prior-year period.
The company also reported a net loss of $174.3 billion for the quarter compared with the $106.5 million loss during the fourth quarter a year ago.
