Lucinda “Cindy” Baier has stepped down as president and CEO of Brookdale Senior Living and the company has begun a search for her successor, the company announced Monday morning, citing the need for a leader “who will be focused on driving operational and financial improvements, capitalizing on the intrinsic value of Brookdale’s owned real estate portfolio and enhancing shareholder value by acting on Brookdale’s compelling industry dynamics and cash flow generation potential.”

Brookdale, the country’s largest senior living company, entered into a separation agreement with Baier, who also resigned from her position on the company’s board of directors.

“It has been an honor and a privilege to lead Brookdale and to work alongside the Company’s incredible team,” Baier said in a statement. “I take pride in what we have accomplished through the resourcefulness and hard work of Brookdale’s associates. I know that Brookdale will continue to be a leader in the industry and a place that senior residents feel at home.”

Board Chairman Denise W. Warren will oversee the company’s day-to-day operations as interim CEO until a permanent CEO is named. The board has established an Office of the CEO, including Warren; Dawn L. Kussow, executive vice president and chief financial officer, and Chad C. White, executive vice president, general counsel and secretary.

“Having executed on our strategy to simplify and streamline the business, rationalize our lease portfolio and address our debt maturities, we believe Brookdale is now poised to deliver sustained and compelling returns to our shareholders. With the completion of these actions, the Board determined that now is the right time to identify the Company’s next leader,” Warren said. “We are appreciative of the care and services our teams provide for our residents and their families. We are grateful for Cindy’s leadership over the past seven years, and for the role she played leading the Company through the many challenges posed by COVID. On behalf of the Board, I want to thank Cindy for her dedication to and leadership of Brookdale.”

The board’s search committee looking for a successor to Baier will include Warren and three independent directors, who will be supported by executive search firm Spencer Stuart.

“The Board is now conducting a thorough search process to identify the right CEO to capitalize on Brookdale’s strong foundation and to deliver value for our shareholders,” Warren said. “I look forward to working with Dawn, Chad and the entire leadership team to continue to grow profitable occupancy and RevPAR [revenue per available room], deliver meaningful Adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] growth and materially enhance Adjusted Free Cash Flow generation. While there remains work to be done, the Board believes that Brookdale has taken the right steps to set the stage for future growth and is confident in the Company’s ability to benefit from the robust demographic tailwinds represented by the aging baby boomer generation.”

Brookdale, based in the Nashville, TN, area, also announced that Mark Fioravanti, president and CEO of Ryman Hospitality Properties, has been appointed to the board.

Warren said that he has “deep expertise in hospitality and real estate” and that “his skillset complements and enhances the composition of our Board” and that the company looked forward to his “fresh perspective as we continue to advance our strategy.”

At Ryman Hospitality Properties (formerly Gaylord Entertainment), Fioravanti is responsible for all facets of the company, including a portfolio of convention resorts — among them Gaylord properties — and an entertainment division that includes the Grand Ole Opry and Ryman Auditorium, among other properties.

Fioravanti has been with the company for 23 years and has been CEO for more than two years after having been president and CFO since 2015. Before then, he served in various senior positions for RHP, including executive vice president and CFO, senior vice president and treasurer, division president of ResortQuest International, and SVP of sales and marketing.

Fioravanti holds an MBA from the University of Tennessee and a Bachelor of Science in Landscape Architecture from Ohio State University. He serves on the NAREIT Advisory Board of Governors, the Tennessee Business Leadership Council and on the boards of the Nashville Area Chamber of Commerce and the Nashville Convention and Visitors Corp.

Additionally, Brookdale announced, Frank M. Bumstead will not stand for reelection at the company’s annual meeting, which will be his last. Warren said that he had been “instrumental in establishing Brookdale as an industry leader.”

The company announced that it is considering “potential governance enhancements related to director tenure” as well as revisions to Brookdale’s incentive program for executives based on feedback from shareholders.

Brookdale has topped the American Seniors Housing Association’s ASHA 50 list of largest US senior living property operators for several years and also has placed near the top of the list for senior living property owners. Also in 2024, Brookdale was No. 1 on Argentum’s overall list of the 150 largest providers for the fifth consecutive year. The company said Monday that as of March 31, it had 647 communities across 41 states and the ability to serve approximately 58,000 residents.

Baier became president and CEO and joined the Brookdale board in February 2018 after having served as CFO since 2015. She succeeded T. Andrew Smith after a strategic review process that had begun a year earlier.

The transition came after Brookdale rejected a bid to be acquired for $9 per share, which at the time, the company said “purported to range up to $11 per share in cash subject to conditions that the board did not believe were likely to be satisfied.”

This is a breaking news story and will be updated.