Agemark Senior Dwelling is passing the baton to a brand new technology of leaders as a part of a deliberate management transition.
Managing companions Michael Pittore and Forrest Westin are set to steer the corporate as co-CEOs as present CEO Martin Hug transitions to the position of government chairman, the corporate instructed Senior Housing Information. The transition will happen on June 1, an Agemark spokesperson confirmed on Tuesday.
For the brand new leaders, the transition is all within the household. Their fathers, Jesse Pittore and Richard Westin, based the Omaha, Nebraska-based senior dwelling firm in 1983. Since then, it has grown to incorporate a portfolio of 28 senior dwelling communities in six states, with 24 owned by Agemark and 5 communities underneath third-party administration agreements.
“Given the pace at which we see the business altering, now and sooner or later, and all the expansion we see coming, we felt this 12 months was an opportune time to make the transition offering Agemark with an extremely stable basis for what’s to come back,” Michael Pittore instructed Senior Housing Information.
Forrest Westin joined Agemark in 2004. Michael Pittore joined the operator in 2015 after working in numerous finance-related roles for Goldman Sachs and Deutsche Financial institution. The pair have labored with Agemark and developed “complimentary skillsets,” prompting the corporate’s high management to undertake a co-leadership mannequin for the longer term.
“We imagine two brains are higher than one and having each of us [as co-CEOs] permits us to be much more efficient,” Michael Pittore stated.
The corporate’s focus within the final two years has been on “empowerment and accountability,” Forrest Westin instructed SHN.
“We have a look at that by way of doing what we’re doing the most effective we probably can do as an organization for our seniors and empowering our workforce to ship distinctive care whereas additionally pondering otherwise,” Forrest Westin stated.
Additionally as a part of the management change, the corporate lately employed former Atria Senior Dwelling Senior Vice President Andrew Levin as vp of operations and gross sales to deliver a contemporary perspective to the corporate’s gross sales and group operations.
As a part of the dedication to the management change, Michael Pittore moved from southern California to Omaha, Nebraska to be on the company workplace full-time
“Our technique is that we wish to be on this for the long-term and we all the time discuss it having been 40 years and the way will we keep in it for the subsequent 40 [years],” Michael Pittore stated.
Agemark’s latest strikes have included coming into an settlement with actual property funding belief Nationwide Well being Traders (NYSE: NHI) to promote six of its 24-owned senior dwelling properties to the Murfreesboro, Tennessee REIT. The six-property portfolio is made up of reminiscence care communities by way of a sale-lease again deal.
“There was alignment with NHI versus the non-public fairness corporations, usually talking, that are extra short-term minded and in order that was an vital piece for us—discovering a long-term companion to proceed to develop along with,” Forrest Westin stated.
Whereas the deal isn’t emblematic of the corporate’s future development plans, Michael Pittore stated that reminiscence care could be a “core competency” for Agemark going ahead as the corporate retains its major concentrate on full-continuum of care properties. Agemark’s latest IL, AL and reminiscence care group in Omaha, a 160-unit property, highlights the corporate’s future development philosophy.
“That’s extra emblematic of the place we’re going with bigger buildings with unbiased dwelling, assisted dwelling and reminiscence care whereas we deliver our reminiscence care experience to these buildings,” Michael Pittore stated.
Agemark can also be well-versed in value-add, turnaround acquisitions, having accomplished over a half-dozen of turnaround offers previously, he added.
The corporate is within the midst of in search of different long-term companions to gasoline its development, with Agemark in dialog with numerous potential companions, Michael Pittore famous, as occupancy ranges within the mid eightieth percentile and enhancing 1% to 2% for the final 12 months.
“We’re beginning to get again to clean crusing the place we set ourselves as much as do enterprise for the subsequent 40 years,” Michael Pittore stated. “So, issues are working extremely effectively.”
Whereas not in search of to be the biggest senior dwelling operator, Michael Pittore stated the corporate was reviewing potential acquisition alternatives.
“We’ve institutionalized our techniques within the final 10 years and that’s beginning to develop into increasingly more on the forefront,” Forrest Westin stated.
Within the coming months, Michael Pittore stated the corporate’s company management would proceed reviewing working procedures and decide which areas could possibly be standardized, in an effort to enhance operations whereas additionally enhancing the transition interval when a brand new government director joins a group. That is a part of the corporate’s push to “take roadblocks out” for frontline employees to supply higher care and providers for residents.
“The age wave will not be going to be one thing all of us get on and surf for the subsequent 20 years,” Michael Pittore stated because it pertains to getting ready the corporate for a extra advanced working surroundings.
All of Agemark’s development and evolution is within the identify of serving 500,000 residents, employees and relations by 2040, the co-CEOs famous.
