New CEO At Sunrise Senior Living

July 17, 2008

July 17, 2008
Effective the next annual meeting of shareholders of Sunrise Senior Living, scheduled for this coming November, Sunrise founder and CEO Paul Klaassen will give up his CEO title and become the nonexecutive chairman of the board. Mark Ordan, who joined the company earlier this year as the chief investment and administrative officer, will become the new CEO.

With Mr. Ordan's arrival several months ago, there was much speculation, denied by the company, that he was really hired to ultimately replace Mr. Klaassen, or else clean the company up for its sale. I guess that argument has been settled. Mr. Klaassen intends to focus on public policy, product design and leadership training, and he will continue visiting the company's communities to boost morale. The current chairman of the board, Lynn Krominga, will become the lead independent director in November. To us, it looks as if an era has come to an end. While Mr. Klaassen will still be a vocal advocat for the seniors housing industry, and its residents, it just won't be the same.

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