National Healthcare Corp., one of the nation's largest nursing home and assisted-living chains, has tapped its current president, Stephen Flatt, to be its next CEO, the company said.
Flatt, who takes the top office on Jan. 1, succeeds Robert Adams, who has served NHC for 38 years. He is retiring from his management post to become non-executive chairman of the company's Board of Directors.
Michael Ussery will become president, adding that title to his current position as COO.
According to the company's proxy (PDF) on April 22, Adam is 69, Flatt is 60 and Ussery is 57.
“I am confident that NHC will continue to benefit from the strong leadership skills and extensive knowledge both Steve and Mike have with respect to NHC and the senior health care industry,” Adams said.
Flatt joined Murfreesboro, Tenn.-based NHC in 2005 as senior vice president of development and was promoted to president in 2009.
Ussery has been with NHC since 1980, rising through the ranks to become COO in 2009.
NHC posted net income in its second quarter of $11.9 million on revenue of $216.5 million compared with net income of $12.4 million on revenue of $214.4 million in the year-earlier quarter ended June 30.
As of June 30, 2016, NHC owned and operated 74 long-term care centers with a total of 9,390 licensed beds, 21 assisted living facilities, five independent living facilities, and 36 homecare operations, according to the company's second-quarter earnings filing (PDF).