MCLEAN, Va., July 16 Sunrise Senior Living, Inc.(NYSE: SRZ) today announced that Paul J. Klaassen, its founder and chiefexecutive officer of 27 years, will become Sunrise's non-executive chairman ofthe board and transition from his role as CEO, effective at the next annualmeeting of Sunrise shareholders expected to take place in November 2008. Atthat time, Mark S. Ordan, Sunrise's chief investment and administrativeofficer, will become CEO. Mr. Ordan has also joined Sunrise's board ofdirectors, effective July 15, 2008. When Mr. Klaassen becomes chairman, LynnKrominga, the current chairman of the board, will become lead independentdirector.
As chairman, Mr. Klaassen will serve as an active champion of Sunrise'smission, culture and values. He will continue to support the Company, Mr.Ordan and the board by focusing on key areas including public policy advocacy,product design, leadership training and visiting Sunrise communities.
Mr. Klaassen, who, with his wife Terry, founded Sunrise in 1981, has ledthe Company from a single community in the Washington suburbs to become thelargest global senior living provider with nearly 500 communities open andunder construction with a resident capacity for 59,000 and a staff of morethan 40,000. The company is known for pioneering new models of senior livingsuch as assisted living and innovative memory care services.
"Throughout my 27 years of leading Sunrise, I have been privileged to seeour passion for improving quality of life for seniors fuel our growth from asingle community to a thriving organization that has truly helped change theway seniors are served. I've known Mark Ordan for many years and his provenbusiness skills and enthusiasm for what we do will make him a very effectiveleader. He and the entire Sunrise team can count on my continued activesupport," said Paul Klaassen.
Mr. Ordan joined Sunrise as chief investment and administrative officerearlier in 2008, after having served most recently as CEO and a director ofThe Mills Corporation. Previously, he founded and was CEO for Fresh FieldsMarkets, Inc., served as CEO for Balducci's and also sat on the board ofFederal Realty Investment Trust for ten years, serving as non-executivechairman for five years.
"I am honored to have the opportunity to serve Sunrise as CEO and tofollow Paul Klaassen, who has been a true pioneer for senior living. Paulbuilt a company with a unique resident-centered culture and distinctivehigh-quality communities, which has become the leading developer-operator inthe $140 billion senior living field. With Paul's continued guidance, I lookforward to working with the board and our team to champion quality of life forthe residents and families we serve and to build long-term value for ourshareholders," said Mark Ordan.
Sunrise also confirmed today that it intends to shortly add two newindependent directors to its Board of Directors and that it expects to fileits Form 10-K for the year ended December 31, 2007 on July 31, 2008.Following the filing of its 2007 Form 10-K, Sunrise plans to file itsquarterly reports on Form 10-Q for 2008.
About Sunrise Senior Living
Sunrise Senior Living, based in McLean, Va., employs approximately 40,000people. As of March 31, 2008, Sunrise operated 441 communities in the UnitedStates, Canada, Germany and the United Kingdom, with a combined capacity formore than 54,000 residents. At quarter end, Sunrise also had 40 communitiesunder construction in these countries with a combined capacity for 5,300additional residents. Sunrise offers a full range of personalized seniorliving services, including independent living, assisted living, care forindividuals with Alzheimer's and other forms of memory loss, as well asnursing, rehabilitative and hospice care. Sunrise's senior living servicesare delivered by staff trained to encourage the independence, pres