Skilled HealthCare CEO Calls It Quits

Foothill Ranch, Calif.-based Skilled Healthcare needs a new CEO.

On Monday, the assisted living facilities operator announced that Chief Executive Officer Boyd Hendrickson plans to retire from the company at the end of this year. A search for a replacement is now under way.

Additionally, Skilled Healthcare announced that Chief Financial Officer Devasis Ghose plans to leave his post on July 8, and leave the company entirely on July 31. Effective July 8, his duties will be taken up by new acting CFO Christopher N. Felfe, currently the company's chief accounting officer. When that happens, the CAO office will cease to exist, and Felfe's official title will be principal accounting officer (and acting CFO).

In a related SEC filing, Skilled Healthcare advised that it is increasing Felfe's annual base salary to $325,000, and making him eligible for a performance-based bonus that will target 60% of his annual base salary -- plus other, additional compensation "in amounts consistent with his new position."

The article Skilled HealthCare CEO Calls It Quits originally appeared on Fool.com.

Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.