In less than a month, Covenant Living will have a new president. Jay Hibbard will assume the role on October 1, succeeding current President David Erickson, who will remain as the organization’s CEO. This transition marks a significant leadership shift for the Chicago-based senior living provider, which has been steadily expanding its footprint and services.
Hibbard, who has been with the Chicago-based organization for over a decade, said his initial focus will be on setting new operational standards for excellence. He will also oversee growth initiatives, including affiliations and acquisitions, before formally stepping into the role next month. Hibbard’s extensive experience within Covenant Living positions him to seamlessly integrate these initiatives while maintaining the organization’s commitment to quality care and resident satisfaction.
Renovations and Expansions Drive Growth
This year, Covenant Living has concentrated on renovations and expansions. In January, it completed a $66.5 million redevelopment at Covenant Living of Northbrook, adding 36 apartment homes and renovating the community’s town center. This project was designed to meet the growing demand for senior housing in the Northbrook area, enhancing both living spaces and communal areas. Earlier this year, the organization finished a $30 million expansion of its Grand Rapids community, which added 36 cottage homes across 18 duplex buildings. All cottages were reserved by early August, showing the strong demand for Covenant Living’s offerings. The Grand Rapids expansion also included upgraded amenities and landscaping to improve the overall resident experience.
Occupancy across Covenant Living’s 20 communities is rising. Assisted living, memory care, and residential living are in the mid-90 percent range, with residential living at about 94% and skilled nursing beds at 90%. This growth in occupancy reflects the organization’s successful strategies in marketing, resident retention, and community engagement. To close out 2026, Covenant is on track to finish its fiscal year with the highest amount of days cash on hand in nearly a decade, attributed to high occupancy rates. This financial stability allows Covenant Living to reinvest in its communities and explore new growth opportunities.
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Focus on Resident Experience and Alignment
As president, Hibbard plans to focus on Covenant’s home office to better support its communities. The organization is making a significant investment in resident experiences, including enhancements to dining services, wellness programs, and social activities. By centralizing recruiting efforts at its home office, Covenant aims to improve retention rates among staff, ensuring consistent and high-quality care across all communities. This centralized approach also streamlines training and professional development opportunities for employees.
Erickson, who became president and CEO in 2024, said this transition will create greater alignment across the organization. Strategic alignment is key to strengthening Covenant’s ability to deliver exceptional resident experiences while supporting its teams. By separating the roles of president and CEO, Covenant Living can dedicate focused leadership to both operational excellence and long-term strategic vision. This structure ensures that the organization remains agile and responsive to the evolving needs of its residents and the broader senior living market.
Looking ahead, Hibbard is optimistic. “As we finish out the year, we expect it’s going to be on a very high level, and our goal is to continue that into the new fiscal year and into 2027,” he said. With a strong foundation of growth, financial stability, and a resident-centric approach, Covenant Living is well-positioned to maintain its leadership in the senior living industry. Hibbard’s leadership, combined with Erickson’s strategic oversight, promises to drive continued success and innovation for the organization.
