Sunrise Senior Living Inc. announced it will eliminate 150 employees and its chief financial officer in order to reduce costs. Most of the layoffs will occur at the company's headquarters in Germany, and will be completed by 2010. Sunrise expects to pay about $4.5 million in severance expenses from the measures, but will save an estimated $20 million as well. CFO Richard Nadeau will be replaced by Julie Pangelinan (the firm's chief accounting officer).
See "Sunrise Senior to cut 150 jobs; replaces CFO", Reuters, May 3, 2009