Sunrise Senior Living (NYSE:SRZ) CEO Mark Ordan might not get an official “Turnaround Artist of the Year” award, but he will be getting a hefty, nearly $16.8 million compensation package following the completion of the company’s acquisition by Health Care REIT (NYSE:HCN).
His work as the company’s top executive isn’t quite done, as the deal hasn’t closed yet and Ordan has agreed to continue serving as CEO for up to a year following the completion of the merger. He and Paul Klaassen, Sunrise’s founder and chairman, are both expected to serve on the Sunrise board following the closing of the $845 million sale.
However, Ordan has already accomplished quite a bit, navigating one of the nation’s largest senior living chains from near bankruptcy in March 2009 to a $14.50 per share sale to Health Care REIT in August of this year—a 62% premium above the stock’s closing price the night before.
Hailed by some as “King of the Comeback,” Ordan’s contract entitles him to a $16,774,408 “golden parachute” compensation upon a qualifying termination of employment in connection with a change in control—including the merger—in connection with the transaction.
Sunrise’s other top executives are also getting golden parachute compensation packages: CFO Marc Richards will get about $4.4 million; Gregory Neeb, chief investment and administrative officer will get about $9.5 million, and David Haddock, general counsel and secretary, will be entitled to more than $4.5 million.
Stockholders will meet on Monday, Jan. 7, 2013 to consider and vote on a proposal to adopt the merger plan.
View the pertinent SEC filing.
Written by Alyssa Gerace
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