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Brookdale Senior Living COO to depart


According to Market Intelligence, December 2022


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Brookdale Senior Living COO to depart

Brookdale Senior Living Inc. said COO Labeed Diab is stepping down from the role Oct. 28 to pursue another opportunity.

Diab joined the company in November 2015.

The company also provided updates regarding the impact of hurricanes Harvey and Irma and the Northern California wildfires.

It said all but one of its 171 communities in areas affected by the two hurricanes have returned to operation and noted that seven communities will experience some continuing disruption as storm damage is remediated.

The company expects a negative impact to adjusted EBITDA of roughly $12 million to $13 million for 2017, with adjusted EBITDA for the third quarter expected to post a negative impact of roughly $9 million. It also expects an additional capitalized costs of approximately $13 million to $14 million for physical plant remediation, with $5 million to $6 million expected to be incurred in the fourth quarter and the remainder in 2018.

Roughly 20 of Brookdale Senior Living's California communities are being affected by the wildfires, and the company evacuated residents of six communities, two of which have now returned to full operation with others hosting evacuated residents. None of the communities have suffered major damage from the wildfires so far.

The company added that its board and management team, in consultation with its legal and financial advisers, are in the process of weighing options and alternatives to boost stockholder value. The company was reportedly in talks to be acquired by Zhonghong Zhuoye Group Co. Ltd. in June, but the deal was stalled because the Chinese firm could not secure financing for the deal. Earlier in 2017, the company was also rumored to be in sale talks with Ventas Inc. and Blackstone Group LP.