ManorCare CEO bows out
HCR ManorCare announced in late September that its long-time president and CEO, Paul Ormond, would step down after more than three decades at the company.
Steve Cavanaugh, the company's executive vice president and COO, was appointed to take his place.
Quality Care Properties, ManorCare's landlord, also announced on Sept. 25 that it had agreed to allow more time for “workout discussions” related to its receivership complaint. QCP initiated the receivership process in August, after the operator missed rent payments.