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Alterra Healthcare CEO Steps Down

November 14, 2000

MILWAUKEE (AP) _ William Lasky, president and chief executive officer of Alterra Healthcare Corp., has resigned. Lasky, who founded the Company in 1981, will become vice chairman of the board.

Alterra, which operates assisted-living facilities for frail older people, announced the move late Monday.

Longtime board member and former vice chairman Robert Haveman, 52, has been appointed interim president. A national search is being conducted to find a replacement CEO, Lasky said.

``This is a decision I have been thinking about for some time,″ Lasky said. ``I’ve been doing this for 19 years and wanted to see if I could create a different role for myself other than running the business day to day.″

Haveman was elected Alterra vice chairman earlier this year and has been a director of the company since 1995.

News of Lasky’s resignation came after the company reported a third-quarter loss of $16.7 million, or 76 cents per share, compares with earnings of $5 million, or 23 cents per share, in the year-ago quarter. That was despite a 22 percent revenue increase from $100.1 million in the third quarter last year to $122.6 million. The company blamed a tight labor market and the increased cost of liability insurance.

Shares of Alterra fell 18.8 cents, or 7 percent, to $2.50 on the American Stock Exchange, off its 52-week high of $8.88.

Alterra has 15,000 employees at 473 facilities in 27 states.

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