Arboreta Healthcare Announces Board of Directors Changes

Rhea-AI Summary

Arboreta Healthcare, Inc. (OTC PINK: ASSF) has announced a reduction in its Board of Directors from seven to five members, effective during the next annual stockholder meeting. On February 17, 2023, a majority of voting power elected the new board members without holding a formal meeting. The elected members include Bruce Cassidy, Roger Tichenor, Michael Valentino, Denise M. Penz, and Dr. Amish Patel. Interim CEO Richard Mason stated that this streamlined leadership model aims to enhance efficiency and execution of the company's strategic plan for shareholders.

Positive

• Streamlined leadership model for improved efficiency.
• New board members bring diverse professional experience.

Negative

• Reduction in board size may raise concerns about governance.
• Potential gaps in experience due to fewer board members.

The Sarasota-based healthcare company reduces the number of directors from seven to five

SARASOTA, Fla., Feb. 28, 2023 /PRNewswire/ --  Arboreta Healthcare, Inc. (OTC PINK: ASSF) announced that the company's Board of Directors (Board) has reduced the number of directors from seven to five, effective in connection with the next annual meeting of stockholders. On February 17, 2023, the holders of a majority of the voting power of the company elected five individuals to the Board by written consent without a meeting, in lieu of formally holding an annual stockholders' meeting to elect directors.

The five individuals elected to serve on the Arboreta Healthcare Board are:

• Bruce Cassidy
• Roger Tichenor
• Michael Valentino
• Denise M. Penz
• Dr. Amish Patel, D.O.

"These experienced directors will draw upon their diverse professional experience and talents to continue to move our company forward as we execute on our strategic plan," said Interim CEO, Richard Mason. "By moving to a more streamlined leadership model, we'll be able to move more efficiently and effectively for our shareholders. We thank our outgoing board members for their commitment and service."

About Arboreta Healthcare, Inc.
Arboreta Healthcare, Inc. is a fast-growing, diversified healthcare company caring for people of all ages through three distinct operating divisions: Arboreta Healthcare, which provides exceptional skilled nursing, rehabilitation, assisted living and independent living programs across 29 facilities in Iowa, Nebraska, Texas, Florida, and Georgia; Banyan Pediatric Centers, a Prescribed Pediatric Extended Care (PPEC) program that provides nurse-staffed day care for young people (birth to 21 years) who have medical conditions that require ongoing specialized care; and Real Living Property Holdings, the real estate holding company into which all real estate is housed. For more information, visit ArboretaHealthcare.com.

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SOURCE Arboreta Healthcare

FAQ

What changes were announced for Arboreta Healthcare's Board of Directors on February 28, 2023?

Arboreta Healthcare announced that it reduced its Board of Directors from seven to five members, effective at the next annual stockholder meeting.

Who are the new members of the Arboreta Healthcare Board of Directors?

The new board members are Bruce Cassidy, Roger Tichenor, Michael Valentino, Denise M. Penz, and Dr. Amish Patel.

What is the reason for reducing the number of directors at Arboreta Healthcare?

The reduction aims to create a more streamlined leadership model to enhance efficiency and effectiveness for shareholders.

When did the majority of voting power elect the new directors for Arboreta Healthcare?

The new directors were elected on February 17, 2023, by written consent without a formal meeting.

How might the board reduction impact Arboreta Healthcare's governance?

Reducing the board size may raise concerns about governance and continuity, as there could be gaps in experience among the fewer members.