Rimland has served as AdCare's president and CFO since April of 2015, and has been a board member since October of that year. “We believe AdCare is well-positioned to continue to pursue attractive acquisitions, streamline our balance sheet and reduce operating costs,” he says. “The steady improvements in the operating performance of our property portfolio demonstrate the progress we have made.”

This past February, AdCare subsidiary Regional Health Properties Inc. (RHE) filed a registration statement with the SEC proposing AdCare's merger with and into RHE. The combined entity would carry the Regional Health Proerties name, which AdCare's management believes better reflects the company's new business model as a healthcare property holding and leasing company, primarily in the senior living and long-term care sectors.

ATLANTA—AdCare Health Systems said Tuesday it had terminated the employment of CEO Bill McBride and named the company's president, Allan Rimland, to succeed him. Both McBride's termination and Rimland's new position were effective immediately on Monday.

“This transition is the culmination of an internal investigation conducted by a special committee of the Board,” says David Tenwick, AdCare's founder and former board chairman. “The board is confident that Allan is the ideal person to provide the leadership necessary to move AdCare forward.”

According to an SEC filing Monday, McBride was dismissed over the “inaccurate representation” of his education credentials. The former CEO “intentionally misrepresented his educational credentials to the board by indicating that he had an MBA degree from the University of California Los Angeles, which he does not,” and then allowed this representation to be incorporated into an October 2014 news release announcing his appointment, as well as the biographical information on AdCare's website, according to the filing.

“AdCare is moving forward with its growth strategy, and Allan is the right person to lead this effort,” says Michael Fox, AdCare's lead independent director. “The company continues its work to resolve legacy issues, and has made considerable progress against each of the stated initiatives the board put in place to create sustainable shareholder value. The board is encouraged by the operating improvements seen thus far in 2017, and looking forward to continued progress.”

Rimland has served as AdCare's president and CFO since April of 2015, and has been a board member since October of that year. “We believe AdCare is well-positioned to continue to pursue attractive acquisitions, streamline our balance sheet and reduce operating costs,” he says. “The steady improvements in the operating performance of our property portfolio demonstrate the progress we have made.”

This past February, AdCare subsidiary Regional Health Properties Inc. (RHE) filed a registration statement with the SEC proposing AdCare's merger with and into RHE. The combined entity would carry the Regional Health Proerties name, which AdCare's management believes better reflects the company's new business model as a healthcare property holding and leasing company, primarily in the senior living and long-term care sectors.