ARV Names New CEO

ARV Assisted Living Inc. said it named Howard Phanstiel, 49, chairman and chief executive effective immediately, replacing interim Chairman John Rydzewski.

ARV also named Lawrence Murphy, 39, president and chief operating officer. The executives replace Rydzewski and John Booty, who was interim president and chief executive, following the October resignation of Gary Davidson as chairman, president and chief executive.

Davidson resigned all three of his titles on Oct. 15, a day after the company rejected Seattle-based Emeritus Corp.’s $286-million buyout offer. No reason was given by Davidson, who also resigned from the board.

ARV also said it redeemed $60 million in 6.75% convertible notes, due 2007, held by an affiliate of Lazard, Freres & Co., for common stock. The affiliate now owns about 6.2 million shares of ARV, or about 39% of the common stock outstanding.

Additionally, ARV said it rescheduled its annual meeting to Jan. 28 from Jan. 8.