August 22, 2018
DALLAS–Capital Senior Living Corporation (the “Company”) (NYSE : CSU ), one of the nation’s largest operators of senior housing communities, today announced that Lawrence A. Cohen will retire as vice chairman and CEO, effective January 1, 2019.
The Capital Senior Living Board of Directors will work alongside Cohen and the leadership team to ensure a smooth transition. The Board has initiated a search to identify an external candidate to serve as CEO and has engaged Heidrick & Struggles, a leading executive search firm, to assist with that process.
“After 21 years at Capital Senior Living, and 19 years as CEO, I have decided to retire from the Company,” said Cohen. “It has been an honor to lead the Company and our dedicated team of employees, and I am proud of all we have achieved together. This is a dynamic time in our industry, and we have significant work ahead to drive occupancy growth, stabilize our rates and continue to execute on our operational improvement initiatives. The strength of our team, reputation for providing quality senior housing services and differentiated strategy focused on owned real estate give me a high degree of confidence in Capital Senior Living’s long-term prospects.”
“On behalf of our entire Board, I want to thank Larry for his countless contributions to the Company over the course of his distinguished career,” said Michael W. Reid, chairman of the board of directors. “Under his leadership, Capital Senior Living has solidified its position as a nationwide leader in senior housing, expanding from a portfolio of 36 communities serving approximately 6,000 residents in 1999 to 129 communities serving 16,500 residents today. The Board is committed to conducting a thorough search to identify the right candidate who will bring to Capital Senior Living strategic vision and a strong track record of operational and financial execution. We look forward to Larry’s continued leadership as we conduct this search process.”