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AdCare Health terminates CEO for misrepresenting educational credentials

AdCare HealthAdCare Health Systems, a real estate investment company, announced that William McBride, III, the company’s chief executive officer and chairman of the board, can no longer be the executive in the company.

An independent committee of the Board concluded, among other things, that in connection with his hiring by the Company, Mr. McBride 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.

Mr. McBride then allowed the same false information to be included in a press release issued by the Company on October 13, 2014.

He also allowed that information to be incorporated into the biographical information with respect to Mr. McBride that appeared on the Company’s website.

Thus, Mr. McBride will be treated for all purposes as having resigned from all positions that he holds or has ever held with the Company and any of its subsidiaries or affiliates.

Accordingly, the termination of Mr. McBride’s employment constitutes his resignation from the Board as of such termination.

Mr. McBride joined the Company in September 2014.

Before joining the Company, he was previously a founder and served as Chairman and CEO of Assisted Living Concepts, Inc. from 1997 to 1999.

Mr. McBride served as President, Chief Operating Officer and a Director of LTC Properties, Inc., a healthcare real estate investment trust which he co-founded in 1992.


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