Sunrise Senior Living turnaround chief plots new course as company and its acquirer record positive 3rd quarter results
Mark Ordan, the CEO who has directed Sunrise Senior Living's recovery from near bankruptcy in 2009, will remain as CEO of the company for up to a year after the close of the company's sale to Health Care REIT.After the expected early 2013 sale close, Ordan and Sunrise's founder and chairman, Paul Klaassen, are expected to continue with seats on the Sunrise board, the company also announced Thursday.
Meanwhile, both Sunrise and its future parent company announced solid third-quarter profits late last week. Health Care REIT's net income rose 1.8% to $37.3 million. In August, it said that it would acquire Sunrise and its holdings. The Toledo, OH-based REIT has taken part in more than 20 takeovers since the beginning of 2011.
Sunrise reported net income of $21.1 million for the third quarter, showing a significant change from its net loss of $8.7 million a year earlier.
Sunrise officials said a meeting would be held Jan. 7, 2013, to seek stockholder approval of the merger agreement with Health Care REIT. Those holding Sunrise stock as of Nov. 21, 2012, will be entitled to vote.
