The Board of Directors of CareTrust REIT, Inc. (Nasdaq:CTRE) today
announced the appointment of David Sedgwick as Chief Executive
Officer, to be effective as of January 1, 2022. Mr. Sedgwick will
succeed founding Chairman and CEO Greg Stapley, who will continue
to serve as CareTrust’s Executive Chairman during an approximately
six-month transition period, following which he and his wife
Deborah will commence a three-year, full-time volunteer assignment
for The Church of Jesus Christ of Latter-day Saints. The Board also
announced that Diana M. Laing has been appointed as Lead
Independent Director.
Mr. Sedgwick, who has been with CareTrust since
2014, currently serves as CareTrust’s President and Chief Operating
Officer and will retain his title as the Company’s President. Prior
to CareTrust, Mr. Sedgwick held various operational and leadership
roles within The Ensign Group, Inc. (Nasdaq:ENSG), CareTrust’s
predecessor, from 2001 to 2014. CareTrust was first created as a
real estate subsidiary of Ensign and became a standalone public
company following a tax-free REIT spin-off in 2014.
Ms. Laing has been a member of CareTrust’s Board
of Directors since January 2019. She serves on the Audit,
Compensation and ESG Committees of the Board.
“We have long prepared for this day, and there
is no better successor to fill the chief executive role than Dave,”
said Mr. Stapley. “Dave is the perfect combination of healthcare
operating experience, real estate and finance knowledge, and
capital markets acumen, and he brings tremendous energy, insight
and relationships to the role,” he stated.
Ms. Laing confirmed that Mr. Sedgwick had been
the Board’s unanimous pick to succeed Mr. Stapley. “As a Board, we
have watched Mr. Sedgwick’s development as a leader and strategist
over the years and have developed a great respect for his industry
knowledge and management style,” she said. “We have every
confidence in his ability to transition smoothly and lead CareTrust
into the years ahead,” she added.
Accepting the appointment, Mr. Sedgwick said, “I
am deeply honored by this tremendous opportunity to lead such a
talented and accomplished team, and to continue building upon
CareTrust’s strong track record of growth and profitability.”
Discussing his vision for CareTrust’s future, he added, “There has
been no daylight between Greg, me and the rest of the leadership
team when it comes to our shared vision of matching great
opportunities with great operators. I remain committed to that
vision, and confident in our ability to drive long-term value for
stakeholders.”
The rest of CareTrust’s management team, which
together has produced a total shareholder return of approximately
156% since completing the spinoff in December 2014, will continue
in their current roles. Mark Lamb, CareTrust’s Chief Investment
Officer, said, “I can speak for everyone at CareTrust in saying
that Dave will have our full support, and is the only person we
would trust to continue the tremendous success that CareTrust has
achieved under Greg’s leadership.” Chief Financial Officer Bill
Wagner echoed Mr. Lamb’s comments, adding, “Dave is well known and
highly regarded by every relevant constituency here: investors,
analysts, the Board, our peers, our operators and every member of
the CareTrust team, and we couldn’t be more pleased to have him
step in as Greg’s successor.”
About David M. Sedgwick
David M. Sedgwick (46) was a founding employee
of CareTrust REIT and currently serves as CareTrust’s President and
Chief Operating Officer. During his time at CareTrust, Mr. Sedgwick
has both led and been instrumental in the Company’s performance
across core areas of the Company’s day-to-day operations and
strategy including new investments, asset management, tenant
relations and portfolio management, investor relations, and capital
markets activity. Mr. Sedgwick is a licensed nursing home
administrator and served in several key leadership roles at The
Ensign Group, Inc. from 2001 to 2014. During 2013, he operated
Ensign’s then newly-built Medicare-only skilled nursing facility in
Denver, Colorado and simultaneously supported Ensign’s skilled
nursing operations in Colorado. During 2012, he served as President
of Ensign’s Maryland-based urgent care franchise venture, Doctors
Express. From 2007 to 2012, Mr. Sedgwick served as Ensign’s
President of Facility Services & Chief Human Capital Officer,
including responsibilities for overall facility support services,
new acquisition integration, and Ensign University, which included
Ensign’s facility CEO recruiting and training program. From 2002 to
2007, he operated three Ensign skilled nursing facilities in two
states. Mr. Sedgwick holds a B.S. in Accounting from Brigham Young
University and an M.B.A. from the University of Southern
California.
About Diana M. Laing
Diana M. Laing has served as a member of
CareTrust’s Board of Directors since January 2019. She currently
serves as an independent director on the boards of Alexander &
Baldwin, Inc. (NYSE: ALEX), The Macerich Company (NYSE:MAC) and
Spirit Realty Capital, Inc. (NYSE:SRC). From 2014 until 2018, Ms.
Laing was the Chief Financial Officer of American Homes 4 Rent
(NYSE: AMH). From 2004 until its merger with Parkway Properties of
Orlando, Florida in December 2013, Ms. Laing was the Chief
Financial Officer and Secretary of Thomas Properties Group, Inc.
Ms. Laing served as Chief Financial Officer of each of New Pacific
Realty Corporation from 2001 to December 2003, and Firstsource
Corp. from 2000 to 2001. From 1996 to 2000, Ms. Laing was Executive
Vice President, Chief Financial Officer and Treasurer of Arden
Realty, Inc. From 1982 to 1996, she served in various capacities,
including Executive Vice President, Chief Financial Officer and
Treasurer of Southwest Property Trust, Inc. Ms. Laing began her
career as an auditor with Arthur Andersen & Co. She is a member
of the Board of Directors of the RREEF Core Plus Industrial Fund
and a member of the Board of Trustees of the Oklahoma State
University Foundation. Ms. Laing received a B.S. in Accounting from
Oklahoma State University.
About CareTrust™
CareTrust REIT, Inc. is a self-administered,
publicly-traded real estate investment trust engaged in the
ownership, acquisition, development and leasing of skilled nursing,
seniors housing and other healthcare-related properties. With a
nationwide portfolio of long-term net-leased properties, and a
growing portfolio of quality operators leasing them, CareTrust REIT
is pursuing both external and organic growth opportunities across
the United States. More information about CareTrust REIT is
available at www.caretrustreit.com.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all
statements that are not historical statements of fact and
statements regarding the Company’s intent, belief or expectations,
including, but not limited to, statements regarding the transition
of the CEO role to Mr. Sedgwick and the Company’s future growth and
ability to drive-long term value for its shareholders and
operators.
Words such as “anticipate,” “believe,” “could,”
“expect,” “estimate,” “intend,” “may,” “plan,” “seek,” “should,”
“will,” “would,” and similar expressions, or the negative of these
terms, are intended to identify such forward-looking statements,
though not all forward-looking statements contain these identifying
words. The Company’s forward-looking statements are based on
management’s current expectations and beliefs, and are subject to a
number of risks and uncertainties that could lead to actual results
differing materially from those projected, forecasted or expected.
Although the Company believes that the assumptions underlying these
forward-looking statements are reasonable, they are not guarantees
and the Company can give no assurance that its expectations will be
attained. Factors which could have a material adverse effect on the
Company’s operations and future prospects or which could cause
actual results to differ materially from expectations include, but
are not limited to: (i) the COVID-19 pandemic, including the risk
of additional surges of COVID-19 infections due to the rate of
public acceptance and efficacy of COVID-19 vaccines or to new and
more contagious and/or vaccine resistant variants, and the measures
taken to prevent the spread of COVID-19 and the related impact on
our business or the businesses of our tenants; (ii) the ability and
willingness of our tenants to meet and/or perform their obligations
under the triple-net leases we have entered into with them,
including, without limitation, their respective obligations to
indemnify, defend and hold us harmless from and against various
claims, litigation and liabilities; (iii) the ability of our
tenants to comply with applicable laws, rules and regulations in
the operation of the properties we lease to them; (iv) the ability
and willingness of our tenants to renew their leases with us upon
their expiration, and the ability to reposition our properties on
the same or better terms in the event of nonrenewal or in the event
we replace an existing tenant, as well as any obligations,
including indemnification obligations, we may incur in connection
with the replacement of an existing tenant; (v) the availability of
and the ability to identify (a) tenants who meet our credit and
operating standards, and (b) suitable acquisition opportunities,
and the ability to acquire and lease the respective properties to
such tenants on favorable terms; (vi) the ability to generate
sufficient cash flows to service our outstanding indebtedness;
(vii) access to debt and equity capital markets; (viii) fluctuating
interest rates; (ix) the ability to retain our key management
personnel; (x) the ability to maintain our status as a real estate
investment trust (“REIT”); (xi) changes in the U.S. tax law and
other state, federal or local laws, whether or not specific to
REITs; (xii) other risks inherent in the real estate business,
including potential liability relating to environmental matters and
illiquidity of real estate investments; and (xiii) additional
factors included in our Annual Report on Form 10-K for the year
ended December 31, 2020, including in the section entitled “Risk
Factors” in Item 1A of Part I of such report, as such risk factors
may be amended, supplemented or superseded from time to time by
other reports we file with the Securities and Exchange
Commission.
The Company expressly disclaims any obligation
to update or revise any information in this press release,
including forward-looking statements, whether to reflect any change
in the Company’s expectations, any change in events, conditions or
circumstances, or otherwise.
Contact:CareTrust REIT, Inc.(949)
542-3130ir@caretrustreit.com
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