American Retirement Announces Organizational Change.Business Editors NASHVILLE, Tenn.--(BUSINESS WIRE)--Aug. 7, 2003 American Retirement Corporation (NYSE NYSE See: New York Stock Exchange :ACR See riser card. ), a leading national provider of senior living housing and care, today announced that Chris Coates has elected to relinquish his role as President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Mr. Coates will remain with the Company as a special projects consultant and will remain a member of the American Retirement Corporation's Board of Directors. Bill Sheriff, the Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , will assume the title of President. The Company also announced that Greg Richard will become the Executive Vice President and Chief Operating Officer. Greg joined the Company in 2000 as EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition - Community Operations. Prior to ARC, he was President and CEO of PediaNet, a physician practice management company for pediatric pediatric /pe·di·at·ric/ (pe?de-at´rik) pertaining to the health of children. pe·di·at·ric adj. Of or relating to pediatrics. medical care. From 1986 until 1996, he worked for Rehability Corporation, a provider of physical rehabilitation physical rehabilitation See Physical therapy. services. Mr. Coates has served as president and chief operating officer of the Company and its predecessors since January 1993. From 1988 to 1993, Mr. Coates served as chief executive officer of National Retirement Company, a senior living management company acquired by the Company in 1992. Mr. Coates has been involved in the senior housing industry for the past 30 years and is the Immediate Past Chairman of the Assisted Living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. Federation of America and is a past Chair of the American Senior Housing Association. "We will miss Chris's leadership as chief operating officer with his election to step back from the operations of the business. He has been a tremendous contributor to the success of the Company and has always had the welfare of our residents in his mind. We look forward to his continued participation with the Company and service on our Board of Directors." Bill Sheriff said. "American Retirement is an excellent company and I have enjoyed my tenure as President. At this time in my life, I want to step back from the daily operations of 65 communities and contribute in other ways. I have enjoyed my interactions with our residents and associates and look forward to working with Bill and Greg, as Chief Operating Officer, on projects for the benefit of the Company," said Chris Coates. COMPANY PROFILE American Retirement Corporation is a national senior living and health care services provider offering a broad range of care and services to seniors. Established in 1978, the Company believes that it is a leader in the management of senior living communities, including independent living communities, continuing care retirement communities, free-standing assisted living communities, and specialized care programs for residents with Alzheimer's and other forms of dementia. The Company currently operates 65 senior living communities in 14 states, with an aggregate unit capacity of approximately 12,900 units and resident capacity of approximately 14,500. |
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