American Retirement Realigns Finance Organization.Business Editors NASHVILLE, Tenn.--(BUSINESS WIRE)--May 20, 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 a realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of roles and responsibilities of several top finance executives reflecting the completion of its refinancing plan, increased corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. initiatives and its current focus on operations and marketing. George Hicks, who has been serving as Executive Vice President - Finance, Chief Financial Officer, Secretary and Treasurer, will become Executive Vice President - Finance and Internal Audit, Secretary and Treasurer. Mr. Hicks' responsibilities will include strategic and corporate finance projects, management of the Company's insurance placement program and overseeing the Company's internal audit and treasury functions. He has served in a number of positions since joining the Company in 1985, including Vice President - Finance and Treasurer. Bryan Richardson, who has been serving as Senior Vice President - Finance, has been promoted to Executive Vice President and will add the formal responsibilities of Chief Financial Officer, including the Securities and Exchange Commission's certification process, to his current responsibilities of financial accounting, reporting, corporate taxation and information technology. Prior to joining the Company in 2000 as Vice President of Finance, he served in various capacities including Senior Vice President - Finance and Chief Financial Officer of American Color Graphics, a national graphic arts company. Additionally, Jack Leebron has joined the Company as Vice President - Legal Services legal services n. the work performed by a lawyer for a client. . Mr. Leebron's primary responsibilities will be to manage legal costs, and strengthen compliance processes and programs with a focus on professional liability, employment, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. and contracts. He previously was General Counsel for a long-term health care company and has been a practicing attorney since 1982. 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 continuing care a professional convention that a veterinarian who is treating an animal is obliged to continue treating that case unless an arrangement is made with its custodian to transfer the care to another practitioner or to a specialist. retirement communities, free-standing 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. 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 and resident capacity of approximately 14,500. |
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