MARKHAM, ONTARIO--(Marketwired - May 9, 2013) - Extendicare Inc. ("Extendicare" or the "Company") (EXE.TO) announced today the retirement of Doug Harris, Senior Vice President and Chief Financial Officer, effective July 5, 2013. Mr. Harris will be replaced by Mark Durishan, former CFO of Extendicare, on an interim basis while the company selects a permanent CFO.
Mr. Harris has been with Extendicare for 32 years and in his current role for five years. Prior to being appointed CFO in 2008, Mr. Harris held positions in various financial capacities, including Vice President & Controller of Extendicare (Canada) Inc. located in Markham, Ontario from 1987 until 1994. In 1994, he was appointed as the Managing Director of Extendicare (U.K.) Limited in Berkhamsted, England. In December 1999, Doug was appointed to the position of Vice President & Controller of Extendicare Health Services, Inc. in Milwaukee, Wisconsin.
Among the most notable of many accomplishments for Mr. Harris during his tenure as CFO is the US$636 million refinancing of long-term debt and replacing it with US$506 million of U.S. Department of Housing and Urban Development, or HUD, mortgages. The HUD mortgages have a weighted average fixed rate of 4.33% with a weighted average term to maturity of 33 years and leave Extendicare with a strong balance sheet for the future.
"Doug has been a dedicated and hard-working member of the Extendicare team for many years, contributing significantly to the success of our Company, and we thank him for his commitment," said Tim Lukenda, President and CEO of Extendicare. "We wish Doug health and happiness and more time on the golf course during his retirement."
Mr. Durishan was CFO of Extendicare from 1999 until 2004. "I am pleased to be able to arrange for an experienced and familiar person in Mark Durishan to fill in during this transition. I do not expect any disruption in our business or reporting during this period," Lukenda added. "I am confident we will find the right person to fill this important role for Extendicare on an on-going basis in the near future," said Lukenda.
Extendicare is a leading North American provider of post-acute and long-term senior care services. Through our network of owned and operated health care centers, our qualified and experienced workforce of 35,600 individuals is dedicated to helping people live better through a commitment to quality service that includes skilled nursing care, rehabilitative therapies and home health care services. Our 247 senior care centers in North America have capacity to care for approximately 27,100 residents.
Information provided by Extendicare from time to time, including this release, contains or may contain forward-looking statements concerning anticipated financial events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation, statements regarding its business operations, business strategy, and financial condition. Forward-looking statements can be identified because they generally contain the words "expect", "intend", "anticipate", "believe", "estimate", "project", "plan" or "objective" or other similar expressions or the negative thereof. Forward-looking statements reflect management's beliefs and assumptions and are based on information currently available, and Extendicare assumes no obligation to update or revise any forward-looking statement, except as required by applicable securities laws. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Extendicare to differ materially from those expressed or implied in the statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare's forward-looking statements. Further information can be found in the disclosure documents filed by Extendicare with the securities regulatory authorities, available at www.sedar.com and on Extendicare's website at www.extendicare.com.