Glenn O. Maul, executive vice president and chief people officer for Brookdale Senior Living (NYSE: BKD), will be stepping down from his role effective July 15, the company announced Monday. Brentwood, Tennessee-based Brookdale, the largest senior living owner and operator in the country, has gone through several changes to its C-Suite during its rocky integration of Emeritus Corp., including the recent departure of then-President Mark Ohlendorf.
If a successor is named prior to July 15, Maul will step down at that time, according to a Securities and Exchange Commission filing. He will receive a payments associated with a separation without cause, as defined by Brookdale’s Tier I Severance Pay Policy.
This makes Maul eligible for roughly $1.54 million, representing 250% of his 2016 annual salary and 250% of his target annual cash incentive for this year, the filing states. In terms of Maul’s outstanding equity awards, a portion of shares will accelerate and vest, some will remain outstanding and be eligible to vest at a future time, and some will be forfeited.
Maul joined Brookdale in April 2006, having previously served as Vice President of Human Resources for Sunrise Senior Living.
His departure comes as Brookdale continues its efforts to integrate Emeritus Corp., which was acquired in a blockbuster transaction that closed in 2014. Since that time, the senior living behemoth has posted mixed results, with sharp initial troubles now giving way to a more mixed picture: While the company dampened expectations around its 2016 performance, it beat revenue expectations for the first quarter of 2016.
Successful rate increases, including at legacy Emeritus properties, contributed to the positive result, CEO Andy Smith told analysts last week.
Written by Tim Mullaney