Sunrise Execs Get Early Performance Bonuses On Restructure Efforts

Some of the executives at Sunrise Senior Living are getting bonuses early for their efforts in 2010.  Sunrise has been working on a restructuring plan for the past 24 months that included a recently announced sale of 8 of its German senior living communities.  Last week, Sunrise announced in a SEC filing that the compensation committee of the board of directors agreed to pay one-third of 2010 target bonuses to CEO Mark Ordan, Chief Financial Officer Julie Pangelinan and Chief Information Officer Gregory Neeb. Ordan will receive $325,000, while Pangelinan and Neeb will get $133,333 each.  According to the filing, the incentives were provided in order “to recognize the extraordinary work of the its executive officers during a difficult and uncertain period and the significant progress that has been made on a number of corporate imperatives, including asset dispositions, extensions and restructurings of Company debt, cash management and managing core business to budget.”  The three executives remain eligible to receive the balance of the 2010 awards if the compensation committee chooses to award the additional bonuses.