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Land & Buildings pushes for removal of Brookdale's longest-serving director


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Land & Buildings pushes for removal of Brookdale's longest-serving director

Land & Buildings Investment Management LLC founder Jonathan Litt urged shareholders of Brookdale Senior Living Inc. to press the company to replace its longest-serving director, Jackie Clegg, ahead of the company's Oct. 4 annual meeting.

The investor says that their engagement with Clegg, who Litt claims oversaw "material shareholder value destruction" at Brookdale, revealed "dated knowledge of best corporate governance practices" and "a strong bias for entrenchment," Litt said in an open letter to Brookdale shareholders dated Aug. 9.

In an earlier letter, Litt had pushed for the removal of two long-standing members of Brookdale's board but did not reveal their identities, and said the company should instead appoint a new finance-oriented member to its investment committee.

Land & Buildings owned a 3.05% stake in the seniors housing operator as of the end of the first quarter and has been pushing for an overhaul at the company since late 2016.

A Brookdale representative did not immediately respond to a request for comment.