Bill Sheriff, who for the last six years as served as CEO of Brookdale Senior Living Inc., announced Thursday that he plans to leave his post but will remain in place until a successor CEO is found.
"On behalf of the Board and everyone at Brookdale, I would like to thank Bill for his leadership over the last six years as CEO and for his years of service to the Company and its predecessors,” said non-executive chairman Jeff Leeds in a company release.
Apparently, Sheriff’s announcement isn’t a complete surprise to the board of Brookdale (Ticker: BKD) as the company has worked on a succession plan for “some time.” A search committee has been appointed and an “internationally recognized” — but unnamed — executive search firm has been retained to find Sheriff’s replacement.
Sheriff, who also led American Retirement Corp. before it merged with Brookdale, will continue his service as CEO until the transition is complete. The 69-year-old will continue serving on Brookdale’s board and “as a consultant pursuant to the terms of his existing employment agreement.”