A Place for Mom (APFM) announced a change in leadership at the top of its corporate ranks.
The nation’s largest senior housing referral service on Monday announced Larry Kutscher as CEO, effective immediately. He succeeds Sean Kell, who resigned as CEO and will continue to serve as a senior adviser to the company.
Kutscher will be tasked with building APFM’s strategic vision, operations and management as the company looks to expand its ability to guide families through the senior housing decision making process.
“Having experienced solid growth over the last few years, APFM is at an inflection point, with new challenges and compelling opportunities as consumer research continues to shift online and demand for high quality senior care increases,” Anton Levy, member of the APFM Board of
Directors and Managing Director and Global Head of Internet & Technology at General Atlantic, said in a statement.
General Atlantic is a stakeholder in APFM, after acquiring the company in a partnership with global technology investor Silver Lake for an undisclosed price in 2017.
Kutscher has over 30 years experience building online, technology and service businesses, and was most recently CEO of TravelClick, a cloud-based data solutions provider for the hospitality industry. During his eight years at the company, Kutscher increased TravelClick’s valuation from $275 million to $1.52 billion, and sold the company twice in two venture capital sales.
The first sale, from Genstar Capital/Bain Ventures to Thoma Bravo in May 2014, acheived a 3.9-times return on investment. The second, to Amadeus in October 2018, saw Thoma Bravo realize a 2.25-times return.
“As CEO, I will focus on enhancing APFM’s strong partnerships, investing in our products and technology, and creating value for users, partners, employees and investors. I look forward to working closely with APFM’s team to capitalize on the many opportunities ahead and expand this vital service to provide better access, coordination and quality of care for the families we serve,” Kutscher said.
Kutscher will also join APFM’s board as a director.
Last week, APFM released the results of its 2018 National Senior Living Cost Index, which found the overall cost index fell for a second straight year, the rate of housing costs were tied closer to inflation, and were lower than the growth rate in health care costs.