Brookdale Senior Living, the Chicago-based company that bought Brentwood's American Retirement Corp. earlier this year, has hired Bass, Berry & Sims attorney Andy Smith as executive vice president and general counsel. And Bass has named Leigh Walton to succeed Smith as head of the firm's healthcare practice.
Smith represented American Retirement as Brookdale purchased the company in a $1.2 billion transaction completed in July. He will be based at the former ARC offices in Brentwood.
According to a filing by Brookdale with the Securities and Exchange Commission, he will draw a salary of $200,000 in his new position and a bonus in 2007 of at least $200,000, as well as a pro-rated bonus for 2006 based on the same amount. He has agreed to buy $200,000 worth of Brookdale stock and will be be granted 120,000 restricted shares that vest over a period of years.
A 1985 graduate of Southern Methodist University, Smith serves on the board of the Tennessee Business Roundtable.
Walton joined Bass in 1979 and made partner in 1984. Her healthcare work at the firm has included representing hospital operator Iasis Healthcare in its $1.4 billion sale to Texas Pacific Group in 2004 and handling the sale of a controlling stake in medical transcription firm Spheris to Warburg Pincus and Soros Private Equity the same year.
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