The chief executive of struggling Five Star Senior Living is stepping down at the end of the month, the company announced Tuesday afternoon.
Bruce Mackey Jr. will end his tenure as head of the Massachusetts-based senior care provider after 10 years in the top role. He has been with Five Star since its founding in 2001, serving as treasurer and CFO before ascending to president and CEO in May 2008.
Mackey will be replaced by Five Star executive vice president and general counsel Katie Potter, 42, effective Jan. 1, according to a company announcement.
Five Star had a rough third quarter and faces an uncertain future, company officials said in November. The provider tallied a net loss of $21.6 million during the period ending Sept. 30, and its stock price had been below $1 per share for 30 consecutive days. The Nasdaq informed Five Star in October that it could be yanked if it is unable regain compliance within the next year.
Mackey also said in November that the company — which owns or operates 283 senior living communities, including 29 SNFs, comprising 2,505 beds — was low on cash and caused concern that it might not be able to meet its operating and debt obligations.
“There are conditions that have raised substantial doubt about our ability to continue as a going concern,” Mackey, 48, told investors last month.
Mackey’s retirement agreement stipulates that he will stay on board as a non-officer employee until the end of 2019. The company did not immediately respond to a McKnight’s request for comment.