Brookdale Board Member Resigns, Company Still Exploring ‘Options and Alternatives’

The largest senior living provider in the nation, Brookdale Senior Living (NYSE: BKD), has announced one of its board members is resigning, effective this summer. The company, which has been the subject of takeout rumors in recent months, also took the occasion to confirm it still is in talks to explore strategic options.

Mark J. Parrell has been a member of Brookdale’s board of directors since 2015 and his resignation will be effective at the close of business on July 24, 2017. This is the date of the company’s annual stockholders meeting, according to a press release from the company Wednesday morning.

Parrell will remain actively engaged as a member of the board as well as the audit and investment committees of the board through the end of July.

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“I know that the board and management team are steadfast in their commitment to increasing value for shareholders while upholding the company’s mission,” Parrell said in a press release. “I look forward to continuing to serve until the effective date of my resignation and wish them all the best in the future.”

Along with the news, Brookdale Executive Chairman of the Board Daniel Decker commented on the provider’s ongoing efforts to right the ship operationally—and explore other ways to move forward after years of struggle and sliding shares.

“Brookdale’s board and management continue to be highly focused on the execution of our business strategies, including achieving consistent operational excellence and optimizing our portfolio,” Decker said in the press release. “In addition, the board remains hard at work, in conjunction with management and our financial and legal advisors, on our ongoing process to explore options and alternatives to create and enhance shareholder value.”

These remarks from Decker come on the heels of buyout chatter related to real estate investment trusts (REITs) and private equity firms. Most recently, there were predictions from analysts that there’s a 50/50 shot of the company being sold this year.

As of this morning, Brookdale’s stock is up 0.38% to $13.13 per share.

Written by Alana Stramowski

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