Granger Cobb Explained

Granger Cobb
Birth Name:Lewis Granger Cobb
Birth Date:29 July 1960
Birth Place:Fort Ord, California, U.S.
Death Place:Seattle, Washington, U.S.[1]
Alma Mater:University of California at Los Angeles
Employer:Emeritus Senior Living
Years Active:1989–2015

Granger Cobb was an American retirement community executive who built the largest assisted living company in the United States. From one retirement community and through four large mergers and acquisitions, Cobb became the president and chief executive officer of Emeritus Senior Living with 521[2] [3] retirement communities employing 31,000 people nationwide.[4] He served in that role until Emeritus was acquired by Brookdale Senior Living on July 30, 2014. Cobb became a member of the board of directors of Brookdale.

Early life

Granger Cobb was born Lewis Granger Cobb on July 29, 1960, near Fort Ord, California, to E. Lewis and Letty Cobb. His father Lew was stationed at Fort Ord for military service and the family moved to Madison, Wisconsin, in 1963, where Lew entered medical school. Granger was joined by two sisters, Melissa and Catherine. Upon receiving his medical degree Lew, Letty, Granger, Melissa, and Catherine moved to French Camp, California, where Lew did his residency and the family added two children, Bryson and Melanie. In 1971 the family moved to Morada, California, and lived there as Lew operated his OB/GYN medical practice.[5]

His family lived near his maternal grandparents, to which Cobb attributed his early interest working with seniors.[6] He went to UCLA and graduated with a degree in psychobiology.[7] While at UCLA he worked as a broiler scrubber and waited tables at the Chart House in Westwood, Los Angeles, where he met his future wife Tina.[6]

Career

Cobbco

Granger Cobb began his senior living career working for his father-in-law Edward Keh as an executive director at a senior living community.[8] In 1989, he and his wife Tina sold their personal home and cashed in her teacher pension to finance their first senior living community. This single community was the basis for Cobbco Incorporated.[4]

Summerville, Sunwest, and Emeritus on the New York Stock Exchange

Summerville Senior Living acquired Cobbco in 1998, with Cobb joining the larger company. In 2000, he became president and CEO of Summerville and a member of the board of directors. Summerville merged with Emeritus Senior Living in 2007 where he was named president and co-CEO with Dan Baty.[9] Emeritus acquired 144 communities from Sunwest in 2010.[10] [11] Speaking of the acquisition, Cobb said "Sunwest grew rapidly and really did not have a strong infrastructure for operational oversight. We have systems to monitor resident-care plans and to make sure we are charging for the level of care we are providing."[12]

In 2011, Cobb became president and the sole CEO as the company continued to grow from 289 communities to over 500.[13] [3] Emeritus was listed on the New York Stock Exchange NYSE:ESC.[14]

Brookdale acquisition and PBS Frontline

As change continued in the senior living industry, Emeritus considered its alternative futures. Merger explorations began in earnest in 2013 and culminated with a Brookdale Senior Living $2.8 billion deal announcement[15] on February 20, 2014.[16] During the course of the merger activities, Brookdale was questioned about Emeritus issues raised in a PBS Frontline story in 2013[17] and found Emeritus responded appropriately.[18] Speaking to Forbes Cobb said:

We are 27,000 human beings caring for 40,000 residents and human beings make mistakes. We devote as much time and attention to training and orienting and giving guidance and making sure that they feel comfortable in the decisions that they make, but on occasion there will be mistakes.[19]

As part of the terms of the acquisition, Cobb became a member of the board of directors at Brookdale, bringing his people, leadership, and operational expertise to the board.[20]

Industry organizations

While leading these companies, Cobb also served many industry organizations including as member of the board of directors of the National Investment Center for Seniors Housing & Care, the American Seniors Housing Association, the Assisted Living Federation of America, and the California Assisted Living Association.[21] [22] [23]

Leadership style

Cobb's tenure in each company was focused on both employees and customers, the senior residents and their families.[6] The official Emeritus Senior Living tagline was not only used in advertising but was used to guide company operations: "Our family is committed to yours."[24] When challenges arose during the development of the controversial PBS Frontline television program on senior living, Cobb agreed to appear on camera to discuss issues in retirement communities.[17] Speaking to PBS, Cobb said:

We don’t make widgets, and so one of the things I would liken it to is if you are making a widget and you figure out how to shave a little quality off when nobody notices, you might be the hero. In our business, you shave any quality off and you’re going to see your reputation go down very quickly, and you’re going to see your bottom line go down very quickly. It’s just the opposite if we do a good job. We rely on our reputation.[25]

Cobb led the final major growth spurt for Emeritus by taking over the operations of 38 communities from Merrill Gardens in California, Washington, and six other states.[3]

In his 2012 court testimony, Cobb described his duties as primarily dealing with two areas: building infrastructure for operations, financial and regulatory components; and "looking out" for "three months, one year, three years, five years to help develop the strategic direction for the company"[26]

Washington State University

Cobb worked to expand the professional operations of retirement communities through industry organizations and by personally teaching at Washington State University, in a course for Senior Living Management in the WSU Carson College of Business, School of Hospitality Business Management.[27]

The senior living curriculum is expanding continuously with the inception of the Granger Cobb Institute for Senior Living, described below.

Death

Granger Cobb died of cancer on September 22, 2015, at his home in Seattle, Washington, US.[28]

In recognizing Cobb's contributions, Andy Smith, Brookdale Senior Living's CEO, said, "Granger Cobb was a true pioneer and leader in our industry. He had a tremendous impact on the lives of countless seniors and their families and all who benefited from his leadership and vision."[29]

Legacy

The senior living trade association Argentum presents an annual award of the Cobb Cup, or fully the Granger Cobb Cup for Excellence in Political Action, named in honor Granger Cobb for, according to Argentum, "his longtime dedication to advocating on behalf of our industry and the residents that we serve". The award recognizes the yearly top contributor to their political action committee.[30]

The Granger Cobb Institute for Senior Living was announced at the Argentum Senior Living Executive Conference in Nashville on May 4, 2017, by Bill Pettit, president-emeritus of R.D. Merrill, and Chris Hyatt, partner, investor, and president of New Perspective Senior Living.[31] [32] The institute follows Granger Cobb's passion to serve senior citizens by focusing on a transdisciplinary integrated approach to senior living operations, including hospitality, psychology, nursing, computer science, food science, human development, and entrepreneurship. It combines broad industry participation with academic rigor and has campus-based baccalaureate major and minor programs as well as an online educational program.[33]

External links

Notes and References

  1. Web site: In Memory of Lewis Granger Cobb. Butterworth Funeral Home. 25 January 2017.
  2. Web site: LaPorte. Meg. Top 40 Largest Assisted Living Companies. Provider Magazine. American Healthcare Association. 10 January 2017.
  3. News: Tabar. Pamela. Emeritus takes over operations at 38 former Merrill Gardens communities. 18 December 2016. Institute for the Advancement of Senior Care. Vendome Group. 28 June 2013. 8.
  4. News: Bowers. Lois. Senior living mourns loss of Granger Cobb. 17 December 2016. McKnight's Senior Living. McKnight's Senior Living. 24 September 2015. 4.
  5. News: Dr. E. Lewis Cobb. 19 December 2016. The Stockton Record. Gates House Media. 16 October 2015. 9.
  6. News: Olsen. Patricia. The Insights of Elders. 17 December 2016. New York Times. 2 June 2012. 2.
  7. Web site: UCLA. Department of Pscyhology. Psychobiology Major for Students Who Entered UCLA as Freshmen. UCLA Department of Psychology. University of California at Los Angeles. 17 December 2016. 1.
  8. News: Hutchens. Justin. Remembering the Beloved Granger Cobb. 17 December 2016. Senior Housing News. Senior Housing News. 25 September 2015. 3.
  9. Web site: Grunbaum. Rami. $23M verdict stings Seattle-based assisted-living giant Emeritus. The Seattle Times. 25 January 2017. 6 April 2013.
  10. News: Neurath. Peter. Emeritus's $278M acquisition of California's Summerville adds 81 senior complexes in 13 states. 18 December 2016. Puget Sound Business Journal. American City Business Journals. 9 March 2009. 5.
  11. News: Emeritus, Blackstone Seal $1.2 Billion Deal to Buy Sunwest Communities . . August 11, 2010.
  12. News: Alder . Jane . Q&A with Granger Cobb: Acquisition of Sunwest Portfolio Is Big Management Job . . August 30, 2010.
  13. News: Emeritus names Cobb new CEO . . January 17, 2011.
  14. Web site: Emeritus Corporation. Google. NYSE. 19 December 2016. Google Finance.
  15. News: Abrams. Rachel. Two Senior Living Companies to Merge. 11 January 2017. New York Times. 20 February 2014.
  16. News: Levitt. David. Brookdale Senior Living to Buy Emeritus for $1.4 Billion. 20 December 2016. Bloomberg. Bloomberg. 20 February 2014.
  17. News: Thompson. A.C.. Life and Death in Assisted Living. Frontline. Public Broadcasting Service – PBS. 30 July 2013.
  18. News: DuBois. Shelley. Brookdale merger target Emeritus under federal investigation. 6 January 2017. The Tennessean. The Tennessean. 27 February 2014.
  19. News: Eisenberg. Richard. PBS' Powerful Assisted Living Exposé. 25 January 2017. Forbes. 29 July 2013.
  20. News: Ecker. Elizabeth. Brookdale and Emeritus Complete Merger, Eyeing "Incredible" Senior Living Scale. 20 December 2016. Senior Housing News. Senior Housing News. 31 July 2014.
  21. News: Granger Cobb Assumes Chairmanship of Assisted Living Federation of America. 5 January 2017. PR Newswire. Assisted Living Federation of America. PR Newswire Association. 25 May 2010.
  22. Web site: Executive Profile: Granger Cobb. Bloomberg. 25 January 2017.
  23. Web site: Granger Cobb. Irving Levin Associates. 25 January 2017. https://web.archive.org/web/20150915142549/http://www.levinassociates.com/experts/granger-cobb. September 15, 2015. dead.
  24. Web site: Emeritus Senior Living: Our Family is Committed to Yours. Alzheimer's Association. Alzheimer's Association. 5 January 2017. Partner Spotlights.
  25. Web site: Breslow. Jason. Granger Cobb: At Emeritus, Care and Safety Outweigh Profits. PBS. 25 January 2017. 30 July 2013.
  26. Web site: Full text of "Lewis Granger Cobb Deposition, Oct. 30, 2012". Superior Court of the State of California. 25 January 2017.
  27. Web site: Creating the Senior Living Leaders of Tomorrow. Argentum. Argentum. 5 January 2017. Argentum Professional Development.
  28. Web site: Lewis Granger Cobb. The Seattle Times Obituaries. The Seattle Times. 5 January 2017.
  29. Web site: Brookdale Mourns Passing of Board Member Granger Cobb. PR Newswire. PR Newswire. 5 January 2017.
  30. Web site: Cobb Cup. Argentum. 25 January 2017.
  31. Web site: Inside the Early Plans for the Granger Cobb Institute for Senior Living. Senior Housing News. 24 May 2017.
  32. Web site: Institute named in memory of Granger Cobb. McKnight's Senior Living. 24 May 2017.
  33. Web site: Granger Cobb Institute for Senior Living. Washington State University. 24 May 2017.