Pegasus Senior Living Names Two New Co-presidents, With Plans To Expand In 2025  

Pegasus Senior Living has bolstered its leadership team to better prepare the operator for new growth in the coming year.

The Dallas, Texas-based company on Tuesday announced Rich Williams and Wade Mullis are ascending to the roles of co-presidents of the company. Williams works as the company’s COO, while Mullins is CFO and chief investment officer. Both will keep their respective titles with the leadership change.

Pegasus also promoted Daniel Leaf to senior vice president of business development, where he will “shift his focus to new business development while continuing to support market analysis and sales analytics,” according to a press release. Brittney Fisher is moving into a new role as senior vice president of sales and marketing, a role that will task her with overseeing and aligning the company’s regional sales efforts.

Pegasus is not the only senior living company to divvy up and bolster its top leadership in recent months. Earlier in January, Welltower (NYSE: WELL) made a similar move when it named Nikhil Chaudhri and Tim McHugh as co-presidents. LTC Properties also named two new co-CEOs, Pam Kessler and Clint Malin, about a month earlier.

According to CEO Chris Hollister, Pegasus’ latest promotions are all part of serving the company’s wider goals as it grows and evolves in 2025.

“Rich, Wade and I are sort of like an internal board,” Hollister told Senior Housing News. “We’re trying to plan for Pegasus’ future.”

The company’s growth efforts beyond its current 44-community portfolio include seeking out more management contracts with partners. Last year, that effort took the form of Pegasus taking over the management of eight communities from LifeWell Senior Living. Pegasus’ biggest landlord and partner is real estate investment trust (REIT) Welltower, for which it began managing more than three dozen communities under a RIDEA structure in 2018.

The company is seeking to bring on new communities, potentially as many as it did from LifeWell last year. Looking beyond this year, Pegasus aims to grow at a similar pace in 2026 and maintain it until it is able to about double its portfolio by 2027 or 2028, Hollister added.

“It’s slow growth while we still work on the existing portfolio,” he said. 

Looking ahead, Hollister sees an opportunity to extend Pegasus’ platform to other companies and real estate investment trusts (REITs) who might not have the scale that “recognize the need for expertise.”

While planning for growth, Pegasus’ leaders have no intentions of “taking [their] eye off the ball” when it comes to growing occupancy and margins. For example, the operator has a goal of increasing average occupancy in its Welltower portfolio to at least 90% this year.

Additionally, for the communities it has taken over with less than 50% occupancy, the estimated timeline to reach stabilization is at least two years, Hollister said.

“Our mission statement is to celebrate and enhance our lives with integrity and kindness. We’re trying to do this the right way. We’re trying to be a credible, sincere player in the space,” Hollister said. “We’re focused very much on integrating clinical sales and ops to deliver on that promise and get these buildings full.”

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