AdCare Health Systems’ (NYSE MKT: ADK) rocky past has been well-documented. Now, the organization has abruptly axed its chairman and CEO.
The Suwanee, Georgia-based self-managed healthcare real estate investment company has fired Chairman and CEO William McBride III for intentionally misrepresenting his educational background, according to a April 17 filing with the U.S. Securities and Exchange Commission (SEC).
Specifically, McBride had told AdCare’s board of directors that he received an MBA from the University of California at Los Angeles (UCLA), which is not true. This incorrect information was included in a press release issued by AdCare on Oct. 13, 2014, which was then furnished as an exhibit to a Form 8-K filed by AdCare on Oct. 17, 2014, the filing states.
McBride’s MBA from UCLA was also included in his biographical information provided on AdCare’s website.
McBride was initially hired by AdCare in October 2014. He was officially terminated on April 17 of this year.
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AdCare President and CFO Allan Rimland will now also serve as CEO, the filing states. Rimland has worked as a director at AdCare since Oct. 14, 2015, as the company’s secretary since May 1, 2015, and as the company’s president and CFO since April 1, 2015.
McBride’s firing is the latest in a slew of shake-ups at AdCare. Its former CFO Martin Brew resigned in 2013 following major accounting errors; its former CEO Boyd Gentry resigned in May 2014; and in July 2014, the company chose to exit senior housing operations entirely to transform into a health care property leasing and holding company.
Now, AdCare invests mainly in real estate purposed for senior housing and long-term health care through facility lease and sub-lease transactions. Currently, AdCare has 29 properties which it either owns, leases or manages for third parties.
Written by Mary Kate Nelson