A major player in the skilled nursing and senior housing finance world will have a new CEO by spring.
Ziegler’s board of directors announced that CEO Tom Paprocki will retire, effective March 31. Dan Hermann, who has been at Ziegler for 30 years and serves as head of investment banking, will assume the role of president and CEO.
The Chicago-based Ziegler is a privately held investment bank specializing in the health care, senior living, and educational fields, as well as general municipal and structured finance.
The company said the shift in leadership is timely, given Ziegler’s pending exit from the wealth management sector.
“Tom and I have worked closely with the board to plan for a seamless transition,” William McGuire, chairman of Ziegler’s board, said in a statement announcing the leadership change. “We are very grateful for his guidance and for the great condition in which he leaves the firm.”
In addition to serving as head of the investment banking division for the past seven years, Hermann also served as a director of the Ziegler Companies for the same time.
He joined Ziegler almost directly out of college, save for a one-year stint at PricewaterhouseCoopers, and served as the investment bank’s first analyst.
“The biggest risk I’ve taken was staying at a smaller boutique firm, when I’ve had multiple opportunities to leave for larger, brand-name firms,” Hermann told our sister website, Senior Housing News, in a Leadership Series interview from February 2016.
“There was frequent re-confirmation that by staying at a dedicated, focused boutique firm made up of good people — including myself — I was in a better position to add value and sustain than moving to a larger, brand-name firm where, at the end of the day, there tends to be more turnover over time,” he said.
Other personnel moves
Kevin Strom and Angelique David will be promoted to executive managing directors, effective March 1. They will focus on capital markets and business operations, with Strom serving as Ziegler’s executive managing director and head of Ziegler Capital Markets. David will serve as executive managing director, general counsel, and COO.
Written by Maggie Flynn