- Push-out Score suggests push-out forces
- After almost 20 years in the position
- Accolades, praise and thanks for Cohen
- Search for a successor
- Cohen spoke at length and said 108 words
(exechange) — Dallas, Texas, August 22, 2018 — Larry Cohen, chief executive of Capital Senior Living, leaves. As announced by Capital Senior Living Corporation in a news release and in a regulatory filing published on Wednesday, August 22, 2018, Lawrence A. (Larry) Cohen, Chief Executive Officer, leaves the operator of senior housing communities after almost 20 years in the role, effective January 1, 2019.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.2 years, according to data compiled by exechange. Only 16 percent of the CEOs who departed over the past 12 months left the position after more than 15 years.
Capital Senior Living will undertake a search for a successor.
“Significant work ahead”
A reason for Cohen’s departure from the CEO post was not explicitly given. Cohen said: “This is a dynamic time in our industry, and we have significant work ahead to drive occupancy growth, stabilize our rates and continue to execute on our operational improvement initiatives.”
Precise information about Cohen’s future plans was not immediately available.
Capital Senior Living said: “Lawrence A. Cohen will retire as Vice Chairman and Chief Executive Officer, effective January 1, 2019.”
Share price decline
The change follows a decline in the share price of Capital Senior Living Corporation since April 2015.
Chaired by Michael W. Reid
Capital Senior Living Corporation is chaired by Michael W. Reid.
In the position of CEO since 1999
Lawrence A. Cohen has served as one of the Company’s directors since November 1996 and as Vice Chairman of the Board since November 1996.
He has served as the Company’s Chief Executive Officer since May 1999 and was the Company’s Chief Financial Officer from November 1996 to May 1999.
From 1991 to 1996, Cohen served as President and Chief Executive Officer of Paine Webber Properties Incorporated.
Cohen serves on the boards of various charitable organizations and is active in several industry associations.
Cohen was a founding member and was Chairman of the Board of Directors of the American Seniors Housing Association, and serves on the Operator Advisory Board of the National Investment Center for the Seniors Housing & Care Industry.
He received an LL.M. in Taxation from New York University School of Law, a JD from St. John’s University School of Law, and a BBA in Accounting from The George Washington University.
Cohen is a licensed attorney and is also a Certified Public Accountant (currently inactive).
Cohen has had positions with businesses involved in senior living for 32 years.
Generally speaking, when a top leader announces to step down with no successor in place, it is a signal that the move was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Larry Cohen’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 35.2018 ($).