Sonida Senior Living, Inc. announced that Kimberly S. Lody has decided to step down after an eight-year tenure with the Company, including approximately three and a half years as Chief Executive Officer (CEO). In accordance with the Company's succession plan, Brandon M. Ribar, the Company's Chief Operating Officer (COO), has been appointed President and CEO, effective September 2, 2022. Lody will continue to serve in her current role through September 2, 2022, to ensure a smooth transition.

Ribar has also been appointed to succeed Lody as a member of the Company's Board of Directors, effective September 2, 2022. After serving on the Board for approximately four and a half years, Lody was appointed President and CEO of Sonida Senior Living in January 2019. She led the Company through a comprehensive three-year turnaround plan to stabilize, invest, nurture and grow (“SING”) the organization through an operational and balance sheet transformation.

This included overhauling the Company's operations and resident programming, exiting unprofitable leased assets and reshaping the Company's senior leadership team and central office into an efficient operating platform. This process culminated in the Company's recapitalization in November 2021 and subsequent debt refinancing that addressed the Company's near-term maturities.