Sunrise Senior Living fired three top executives after the company completed its accounting investigation.
Among them are Thomas Newell, president of the senior community operator since April 2000; Larry Hulse, chief executive of the company's insurance captive since August 2005 and the company's CFO from April 2000 to August 2005; and Carl Adams, treasurer since November 2005 and chief accounting officer from 2000 through November 2004.
A special independent committee of the board has been probing accruals and reserves at the company. It found that inappropriate accounting occurred there during the third quarter of 2003 through the fourth quarter of 2005.
"These actions are an important step forward in the process of restoring confidence in the company's management and financial reporting," said Stephen D. Harlan, chairman of the audit committee, in a statement.
Sunrise plans to complete a restatement and to file a 2006 Form 10-K by March 17, 2008, followed by other later financial statements.
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