Sonida Senior Living, Inc. has announced two significant appointments to support its growth strategy. Max Levy has been appointed as the Chief Investment Officer (CIO) in a newly created role. Levy, previously a principal at Conversant Capital, will leverage his extensive M&A and senior living underwriting experience to lead Sonida's investment process and multi-faceted sourcing strategy. His appointment comes as part of the company's inorganic growth strategy aimed at upgrading and modernizing its portfolio through densification and new balance sheet acquisitions.
Lilly H. Donohue, a long-time senior living industry executive, is set to join the company's board of directors. Donohue brings extensive executive leadership experience in the senior living sector, having previously served as the CEO of Holiday Retirement, the largest independent senior living owner and operator in the US. Her appointment is expected to bring valuable contributions to Sonida and reinforce its focus on delivering long-term shareholder value.
Max Levy, who has been a director at Sonida Senior Living since 2021, will step down from the board to assume his new role as CIO effective June 1, 2024. Meanwhile, the board will comprise nine directors following Donohue's appointment, including a Conversant Capital appointed director to replace Levy, pursuant to its shareholder rights agreement.
Sonida Senior Living, Inc., a Dallas-based company, currently operates 72 housing communities in 18 states, with an aggregate capacity of approximately 8,000 residents. This includes 62 communities owned by the company and 10 communities managed on behalf of third parties. The company provides independent living, assisted living, and memory care communities and services for senior adults, with a focus on compassionate, resident-centric care and engaging programming. The market has reacted to these announcements by moving the company's shares 0.8% to a price of $32.52. For the full picture, make sure to review Sonida Senior Living's 8-K report.
