Well said. The reality is the company is too big, they have layers upon layers of self absorbed management looking out for themselves. They need to whack several layers and understand all politics is local. Have management responsible for a cluster of buildings to perform, support the Executive Directors and be creative, not cookie cutter. They have good assets for the most part, but bought a truckload of manure with the Emeritus buildings (nice job Andy, you idiot). I'd be happy if they reduced the corporate overhead by 50%, unleash the value of the properties and for god's sake, make the marketing people return phone calls...it's not that hard!
Their due diligence was a joke...bought a lot of impaired buildings that need significant resources to bring up to market from a physical plant stand point. The clash of cultures has been palpable as well, nobody watching the store as middle/upper management worried about their own survival instead of optimizing performance. Smith is plain incompetent and should be dismissed by the board. Also, failure to monetize the assets with current crazy cap rates would have been a home run for shareholders, yet, he resisted. Not fulfilling his fiduciary responsibility.
Andrew is by all measure a pathetic CEO that clearly is unsuited for leadership. Every opportunity to increase shareholder value is ignored, not solely because of his incompetence, but an odd arrogance. The emeritus deal in which he got FLEECED, should alone cost him his job. Time to get a real CEO who can straighten the ship out.