New Sheriff in town at Brookdale? Not really, the old Sheriff (W.E. Sheriff) had his employment agreement amendend last week as Brookdale Senior Living announced an extension and modification. The agreement calls for Sheriff to serve as Brookdale’s Chief Executive Officer for the next 5 years. Mr. Sheriff will continue to be employed as Chief Executive Officer of the Company during the five year term of the agreement but at any time during the term, Mr. Sheriff may elect to resign as Chief Executive Officer and serve the Company as a consultant for the balance of the term by providing the Company with at least six months’ prior notice. During the period that Mr. Sheriff serves as Chief Executive Officer, he will continue to receive an annual base salary of $600,000 per year. He will receive a consulting fee of $300,000 per year during the period that he serves as a consultant.
For the full details on the terms of the agreement, click here.