There’s a new CEO and a new president at New Perspective Senior Living.
The Minnetonka, Minnesota-based company on Monday named Ryan Novaczyk as CEO and Chris Hyatt as president. The duo previously worked as the company’s president/CFO and partner/COO, respectively.
Todd Novaczyk, Ryan’s father, the company’s founder and its first CEO, is transitioning to chairman of the board as part of the leadership shuffle.
The appointments of Ryan Novaczyk as CEO, Hyatt as president and Todd Novaczyk as chairman of the board are the culmination of a years-long succession plan, a spokesperson for the company said.
Both Ryan Novaczyk and Hyatt are seasoned industry professionals. Novaczyk left a job on Wall Street to join the family business in 2008, while Hyatt came aboard in 2016 after having previously held leadership positions with Emeritus Corp. and Brookdale Senior Living (NYSE: BKD).
Together, Ryan Novaczyk and Hyatt will help lead the company as it strives to reach its goal of serving 10,000 older adults by the year 2025. The provider is on track to open as many as five new developments in its construction pipeline per year, with other potential acquisition opportunities planned.
New Perspective currently has two projects under construction slated to open in 2020. It’s also in active negotiations on acquisition opportunities that could add seven or eight communities to its portfolio by the first quarter of next year.
“We have our growth plan staged out,” Novaczyk told Senior Housing News in July. “The infrastructure is built out, including our executive and district teams.”
For now, New Perspective is focused on opportunities in the “central U.S. corridor,” with potential growth targets in North and South Dakota, Colorado, Texas, Indiana, Ohio, Pennsylvania, Tennessee, Kentucky and — while not in the central U.S. corridor — Florida.
Todd Novaczyk founded the company in 2000 in the basement of his family’s home. Today, New Perspective is still family run and has 24 senior living communities in Minnesota, North Dakota, Wisconsin and Illinois.
“In the beginning, it was my dad and me in the basement trying to raise accredited investor funds and bank debt, learning from folks and reading as much [about the industry] as we could,” Ryan Novaczyk told SHN in July. “I’ve seen everything from the very beginning of the company.”
New Perspective’s communities usually have between 130 to 150 units, with a focus that falls somewhere between hospitality and health care. The company’s “Live Life on Purpose” programming model includes four wellness pillars: physical fitness, brain fitness, dining/nutrition and social/spiritual enrichment.
In addition to its personnel announcement, New Perspective also recently announced a new 30,000 square-foot resource center and headquarters in Minnetonka. The building houses 49 corporate employees and is equipped with a 100-seat training center, conference rooms, workstations, collaboration suites, an architectural and interior design studio, a video production and communications center and fitness facilities.