AlerisLife Announces Leadership Transition and Business Update
May 02 2022 - 7:00AM
Business Wire
Jeff Leer Appointed Interim President and
Chief Executive Officer
Board of Directors Engages Healthcare
Consulting Group of Alvarez & Marsal to Conduct Operational
Review
AlerisLife Inc. (Nasdaq: ALR) today announced that it has named
Jeff Leer as Interim President and Chief Executive Officer,
effective May 1, 2022. Mr. Leer has served as Executive Vice
President, Chief Financial Officer and Treasurer of ALR since 2019
and will continue these responsibilities. Mr. Leer succeeds Katie
Potter, who resigned as President and Chief Executive Officer,
effective April 30, 2022.
ALR also announced that its Board of Directors has engaged the
healthcare consulting group of Alvarez & Marsal (A&M) to
conduct a comprehensive operational review. A&M expects to
complete its review and make recommendations to the Board of
Directors for consideration by the end of the second quarter. The
Board does not intend to commence a search for a permanent CEO
until A&M’s operational review is completed.
Adam Portnoy, Chair of the AlerisLife Board
of Directors, said:
“Jeff’s experience as the Company’s CFO
positions him well to lead the business on an interim basis and
work with A&M as they review AlerisLife’s operations. Given the
dynamic shifts in the senior living industry and the disruption
caused by the COVID-19 pandemic, we believe that now is the right
time to undertake an operational review to ensure that the Company
will deliver enhanced financial performance and value creation over
the long term.”
“On behalf of the entire Board, I want to
thank Katie for her years of leadership and vision at ALR and the
senior living industry. Katie’s tenure included guiding the Company
through the unprecedented COVID-19 pandemic and creating a business
foundation to help position ALR to service the senior living
industry.”
Prior to joining AlerisLife in 2019, Mr. Leer held senior
accounting and finance positions at The RMR Group (Nasdaq: RMR) and
its affiliates, including serving as Chief Financial Officer and
Treasurer of Office Properties Income Trust (Nasdaq: OPI).
Previously, Mr. Leer held various accounting and finance positions
at several Fortune 500 companies, including Boston Scientific
Corporation and Dell Technologies. Mr. Leer is also a certified
public accountant.
Jeff Leer, Interim President and Chief
Executive Officer, and Chief Financial Officer, said:
“I have the support of the strong team in
place across AlerisLife, including the accounting and finance
groups, as I take on the additional responsibilities of serving as
Interim President & CEO. In the short term, my focus will be on
working with A&M to advance the operational review of the
business while supporting the Board.”
About AlerisLife (Nasdaq: ALR):
AlerisLife enriches and inspires the lives of its older adult
customers across the United States by delivering an exceptional and
enhanced resident experience to senior living and active adult
residents, while also offering lifestyle services to the younger
“choice-based” consumer. The Company is headquartered in Newton,
Massachusetts. For more information, visit www.alerislife.com.
WARNING REGARDING
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws.
Also, whenever ALR uses words such as “believe,” “expect,”
“anticipate,” “intend,” “plan,” “estimate,” “will,” “may” and
negatives or derivatives of these or similar expressions, ALR is
making forward-looking statements. These forward-looking statements
are based upon ALR’s present intent, beliefs or expectations, but
forward-looking statements are not guaranteed to occur and may not
occur. Actual results may differ materially from those contained in
or implied by ALR’s forward-looking statements as a result of
various factors. Forward-looking statements involve known and
unknown risks, uncertainties and other factors, some of which are
beyond ALR’s control. For example:
- Statements about A&M’s engagement, including the duration
of its review and ALR’s ability to finalize a plan with the help of
A&M to improve ALR’s financial performance at ALR’s senior
living communities and Ageility clinics. A&M’s work may take
longer than anticipated and its recommendations, and the Company’s
plan to improve performance, may not result in the anticipated
financial and operational benefits for ALR.
- Statements about the ALR Board of Directors appointing a
successor President and Chief Executive Officer. The Board of
Directors may not be able to identify and engage a successor in a
timely manner and ALR’s performance may not improve despite the
appointment of a successor.
The information contained in ALR’s filings with the Securities
and Exchange Commission, or SEC, including under “Risk Factors” in
ALR’s periodic reports, or incorporated therein, identifies other
important factors that could cause ALR’s actual results to differ
materially from those stated in or implied by ALR’s forward-looking
statements. ALR’s filings with the SEC are available on the SEC’s
website at www.sec.gov.
You should not place undue reliance upon forward-looking
statements.
Except as required by law, ALR does not intend to update or
change any forward-looking statements as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220501005053/en/
Michael Kodesch, Director, Investor Relations (617) 796-8234
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