October 15, 2015
AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA), a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term healthcare, today announced the appointment to the Board of Directors of Thomas W. Knaup, a proven leader with more than 30 years of experience, and Allan J. Rimland, AdCare’s President and Chief Financial Officer.
As an independent director, Mr. Knaup will bring to AdCare consulting expertise with a broad spectrum of clients ranging from small-cap to Fortune 50 companies. Mr. Knaup was employed for approximately 12 years with Aon, California (a division of Aon Corporation), a global professional services firm specializing in risk management, insurance and reinsurance brokerage, where he held positions of increasing responsibility, including Senior Vice President. Previously, he served in a variety of executive roles with senior management responsibilities at Alexander & Alexander, Emmett & Chandler, Near North and Warren McVeigh Griffin. In addition, Mr. Knaup has a wealth of mergers and acquisitions and financial experience. He holds a Bachelor of Science in Geology and a Master of Business Administration with a concentration in Finance and Accounting, both from the University of California, Los Angeles.
“Tom is a proven executive leader with more than 25 years of expertise in the insurance and risk management sectors, as well as finance and M&A experience with a wide range of companies,” commented Bill McBride, AdCare’s Chairman and Chief Executive Officer. “I have known and worked with Tom for over 25 years through our involvement with other companies in the long-term care industry. I believe Tom’s senior level business expertise, coupled with his knowledge and relationships in the long-term care industry, will be valuable to the Board of Directors and senior management as we take actions to grow and further diversify our portfolio through acquisitions.”
Mr. Rimland has served as AdCare’s President and Chief Financial Officer since April of 2015. He has over 20 years of healthcare services investment banking experience, including positions with leading bulge bracket and mid-sized investment banks. Rimland joined AdCare from Stephens Inc. where he served as Managing Director in the Healthcare Group, focusing on healthcare services companies.
“The appointment of Tom, as well as Allan, reflect the evolution of our Board to an experienced group with skills and expertise in-line with our needs going forward,” continued Mr. McBride. “Tom’s input and objective counsel have already been of valuable assistance to me in implementing the strategic transition of our company. Allan has been instrumental in helping us navigate this transition. We believe our board now includes greater experience in the management of a rapidly growing real estate property and holding and leasing company, with particular expertise in M&A, financing and risk management.”
Mr. Knaup added, “I believe AdCare is well positioned to further enhance and expand its portfolio of properties. I look forward to working with the Board of Directors and management team to help achieve the company’s strategic goals.”
Christopher Brogdon has notified the Company that he is resigning from the Board, effective at the 2015 Annual Meeting of Shareholders. In addition, Philip Radcliffe, a current independent board member, has decided to retire from the Board upon the expiration of his term at the 2015 Annual Meeting of Shareholders.
“On behalf of my fellow members of the board, I want to thank Chris and Phil for their years of service and leadership,” added McBride. “Both have been valuable assets to our company and extremely supportive of our transition to a healthcare property holding and leasing company. We wish both Chris and Phil well in their future endeavors.”
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA) is a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term healthcare through facility lease and sub-lease transactions. The Company currently owns, leases or manages for third parties 39 facilities. For more information about AdCare, visit www.adcarehealth.com.