In a statement, Tenwick said he will work with the board “to take purposeful steps to drive shareholder value.”
On Wall Street, shares of AdCare initially traded sharply lower early Friday before recovering to around $4.10 a share, up more than 2 percent at midday from its previous close of $4.01.
Gentry, who also stepped down as a director, will serve as a consultant to AdCare through Aug. 31. He had been CEO and president since June 2011. Before joining AdCare he was chief financial officer at Millennium Pharmacy Systems Inc. and at Mariner Health Care Inc.
A third of AdCare Health Systems’ facilities are in Georgia, including Autumn Breeze Healthcare Center in Marietta, Bonterra Nursing & Rehab in East Point, Legacy Nursing & Rehab Center in Atlanta, Powder Springs Nursing & Rehab and College Park Healthcare Center. The company also has long-term care facilities in Alabama, Arkansas, Ohio, Oklahoma and South Carolina.