Real Estate — July 23, 2012David Cutler to Resign as President and CEO, Continue as Director
MARKHAM, ONTARIO--(Marketwire - July 23, 2012) - Leisureworld Senior Care Corporation (the "Company" or "Leisureworld") (TSX:LW) announced that Mr. David Cutler, President and CEO, has informed the Board of his resignation as an officer effective at the beginning of September. "While I have had to make many challenging decisions over the years at Leisureworld, this has been one of the most challenging", said Mr. Cutler. While Mr. Cutler will be relinquishing his duties as President and CEO to pursue another opportunity outside of the long-term care sector, he will continue to serve on the Board of Leisureworld to provide his wisdom and guidance.
In accepting the resignation of David Cutler, Mr. Dino Chiesa, Chairman of the Board, expressed the Board's appreciation for his distinguished leadership and contributions as President and CEO, following Leisureworld's initial public offering. Mr. Chiesa added, "David brought Leisureworld to the public market and has been instrumental in the disciplined, strategic growth of Leisureworld since that time. All the while, he has instilled an organizational culture that emphasizes resident-oriented top-quality care. As he transitions out of the day-to-day operations of Leisureworld, he leaves Leisureworld poised for future growth, with a strong, stable financial position."
Leisureworld also announced the appointment of Mr. Chiesa as interim President and CEO effective at the beginning of September, should a new President and CEO not be appointed by such date. Mr. Chiesa said, "Although David will be stepping down as President and CEO in September, we are pleased that he has agreed to continue as a member of the Board to advise on strategic opportunities and operational measures." Mr. Chiesa will work closely with Mr. Cutler in the transition of his CEO duties over the coming weeks.
Mr. Chiesa also indicated that the Board would promptly initiate a full search to identify the next President and CEO of Leisureworld.
Mr. Chiesa is a seasoned chief executive, having served as President and Chief Executive Officer of Residential Equities Real Estate Investment Trust from 1999 until its merger with Canadian Apartment Properties Real Estate Investment Trust in 2004. Prior to that, from 1989 to 1999, Mr. Chiesa held several positions within the Government of Ontario, including Assistant Deputy Minister, Municipal Affairs and Housing and Chief Executive Officer of each of Ontario Housing Corporation and Ontario Mortgage Corporation. He is the immediate past chair of CMHC, one of Canada's largest financial institutions.
About Leisureworld Senior Care Corporation
Leisureworld Senior Care Corporation is Canada's fifth largest operator of seniors' housing and the third largest licensed long-term care (LTC) provider in Ontario. Leisureworld owns and operates 27 LTC homes across Ontario with 4,474 beds. The Company also owns and operates six retirement residences and one independent living residence in Ontario and British Columbia. Leisureworld subsidiaries include: Preferred Health Care Services, an accredited provider of professional nursing and personal support services; and Ontario Long Term Care, a provider of purchasing services, and dietary, social work, and other regulated health professional services.
Certain of the statements contained in this news release are forward-looking statements. Forward-looking statements include, among other things, statements related to the financial position and stability of Leisureworld and its prospects for growth. Although the Company believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. Unanticipated events and risk factors, such as those identified in the Company's annual information form dated March 19, 2012, could cause actual results to differ materially from the results and events discussed in the forward-looking statements. These forward-looking statements reflect current expectations of the Company as at the date of this news release and speak only as at the date of this news release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.
Leisureworld Senior Care Corporation
Chairman of the Board
Leisureworld Senior Care Corporation
President and Chief Executive Officer
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