Nursing home operator Sunrise Senior Living Inc. said Wednesday its founder, Paul Klaassen, will resign as chief executive effective in November.
Sunrise said Klaassen, 50, will be replaced as CEO by Chief Investment and Administrative Officer Mark Ordan, who joined the company in March. Klaassen, who founded the company in 1981, will become non-executive chairman of the board.
The transition is expected to begin at the company's next annual shareholder meeting. After Klaassen joins the board, chairwoman Lynn Krominga, 58, will become lead independent director.
Before he joined Sunrise, Ordan, 49, was CEO of mall developer Mills Corp.
At the end of the first quarter, Sunrise operated 441 residential communities, with capacity for more than 54,000 residents. Forty other communities were under construction, and the company says it has a staff of more than 40,000.
Sunrise shares picked up 71 cents, or 3.9 percent, to $19.15 in morning trading.
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