Business Context and Reporting Period
This Form 8-K filing by Brookdale Senior Living Inc. is dated March 27, 2018. The report addresses a significant change in corporate governance and management, specifically the appointment of an interim Chief Financial Officer.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
The primary material change reported is the appointment of Teresa F. Sparks as the Company's interim Chief Financial Officer, effective March 28, 2018. Ms. Sparks assumes the role of principal financial officer from Lucinda M. Baier, the Company's President and Chief Executive Officer. The Company is currently conducting a search for a permanent Chief Financial Officer.
Management Commentary and Compensation
- Compensation Package: Ms. Sparks will receive a bi-weekly salary of $19,230.76, equivalent to $500,000 on an annualized basis.
- Bonus Structure: She is eligible for a cash bonus program targeted at 100% of her base salary earned during her tenure, subject to the fulfillment of individual objectives.
- Exclusions: Due to the interim nature of the role, Ms. Sparks is not eligible for the Company's severance policies, the 2018 annual cash incentive plan for senior executives, or the 2014 Omnibus Incentive Plan.
- Indemnification: The Company will enter into an Indemnification Agreement with Ms. Sparks in a form consistent with previous filings.
- Background: Ms. Sparks previously served as Executive Vice President and CFO of Surgery Center Holdings, Inc., and held various financial leadership roles at Symbion Holdings Corporation.
Investor Verification Checklist
- Verify the timeline for the search and appointment of a permanent Chief Financial Officer.
- Confirm the specific individual performance objectives required to trigger the 100% bonus payout.
- Review the transition plan for financial reporting responsibilities between Ms. Baier and Ms. Sparks.
- Check for any subsequent filings regarding the permanent CFO appointment or changes to the interim arrangement.