By Rebecca Wiessmann
In this episode of Foresight TV, Steve talks with Shane Herlet and Tom Gaston, the newly appointed co-CEOs of Maplewood Senior Living, about what it means to share the top leadership role — and why Maplewood believes the model can make the company stronger. Watch the full conversation here: What a Co-CEO Model Could Mean for Senior Living.
Co-CEO structures are still rare in senior living. Maybe because the model sounds complicated. Maybe because most boards, investors, and leadership teams are more comfortable with one person at the top.
But for Maplewood, this was not some exotic leadership experiment. It was, as Tom describes it, a natural evolution.
Shane and Tom have worked together for roughly 15 years at Maplewood and even longer in the industry. Shane comes from the operations side, with a career rooted in assisted living and skilled nursing. Tom brings a deep background in technology, real estate, capitalization, and systems.
They are not two strangers forced into a shared title. They are long-time partners who already know how to work together.
A Leadership Transition No One Wanted
The co-CEO structure follows the sudden death of Maplewood’s founder and former CEO, Greg Smith, in 2023. Tom describes the loss as a shock to the organization, the industry, and to them personally.
It was also a real business test.
There were licenses to transition, ownership questions to resolve, and investors, team members, residents, and families to reassure. Through all of that, Tom says the goal was to maintain confidence while keeping the underlying business strong.
That matters because Maplewood was not in survival mode. It was performing well. The challenge was to preserve momentum while navigating grief, transition, and the practical complexity of leadership succession.
In many companies, that kind of moment exposes cracks. At Maplewood, it seems to have reinforced the value of continuity.
Defined Lanes, Shared Values
The obvious question with any co-CEO model is simple: Who does what?
Shane says the key is having defined lanes. He focuses heavily on internal operations — budgets, community support, compliance, and the day-to-day pieces that keep the company moving. Tom has taken the lead on investor relationships, legal issues, capital partner work, and the broader transition process.
But lanes only work if there is trust. Shane and Tom make clear that they agree on the big things: employee-first thinking, doing the right thing for people, and staying focused on the customer.
And when they disagree?
They joke that they never do, but the real answer is more useful: They have a long history, shared values, and enough mutual respect to work through the hard stuff.
That may be the hidden requirement for a co-CEO model. It is not about splitting power. It is about multiplying leadership capacity without creating confusion.
Performance Creates Optionality
The Co-CEO arrangement is working for Maplewood. Steve notes that the company has reportedly seen same-store NOI growth of 65% since 2022 and occupancy around 96%. In an industry still talking about recovery, staffing, rate pressure, and “the next shoe to drop,” Maplewood appears to be outperforming.
Shane points to a few reasons.
Maplewood came out of COVID strong. It never allowed occupancy to fall below 80%, recovered quickly, and moved north of 90% faster than many others. From that base, the company has been able to drive rate, supported by strong physical environments, quality care, continuity, and operating discipline.
Tom adds that after the restructuring and transition of the last two years, the company has never been stronger financially, operationally, or from an executive team standpoint.
That gives Maplewood something every operator wants: options.
It can grow. It can invest in people. It can improve systems. It can think about what comes next without being consumed by crisis.
Direct, Candid, and Serious About Performance
Shane is described as direct and candid, which leads Steve to ask the obvious follow-up: Is that a good direct and candid, or Steve Jobs direct and candid?
Shane laughs, but his answer is serious.
Senior living is a serious business. Maplewood has long-tenured leaders and long-tenured line associates, something Shane is deeply proud of. But tenure is not a substitute for performance.
His current message to the team is that when things are going well, that is when leaders need to double down. He compares it to pilots going back through the checklist one last time during a delay.
In senior living, that means preventing the elopement before it happens. Seeing the move-out risk early. Addressing the cultural issue before it becomes a crisis.
This is where “direct and candid” becomes less about personality and more about discipline.
The Customer Behind the Customer
One of the most compelling parts of the conversation is Shane’s view of the home office.
For Maplewood’s home office team, the primary customer is the field.
That may sound obvious. It is not always how the industry behaves.
Community associates are the ones showing up during holidays, weekends, snowstorms, and emergencies. They are the ones caring for residents and families in real time. The role of the corporate team is not to make life harder for them. It is to prepare, support, and serve them.
Steve has long argued that when frontline team members love coming to work, residents and families feel it. Shane agrees. If employees are happy and supported, they take great care of residents.
That is a simple idea. It is also one that the industry still struggles to bring into reality.
Leadership Training Without the Corporate Theater
Steve shares the results of a LinkedIn poll showing that many senior living leaders feel they received little or poor leadership training.
Maplewood’s approach is less about formal programs and more about exposure.
Shane says Maplewood is large enough to have resources but small enough to let leaders see “under the tent.” Community leaders get to see how different parts of the business connect — operations, finance, compliance, capital, staffing, and customer experience.
Tom adds that he and Shane have both done almost every community-level job at some point in their careers. Maplewood has a flat home office with roughly 25 to 30 people, which makes leaders more approachable and teaching more natural.
The result is that some Maplewood leaders have grown into senior roles inside the company, while others have gone on to leadership positions with competitors.
Shane and Tom see that as a win.
That is refreshing. The industry needs more companies willing to develop people, even if some of those people eventually leave. That is how the whole field gets better.
Technology Is Useful — Until It Isn’t
Maplewood is also investing in systems and technology, especially in back-office operations. Shane mentions tools such as UKG, PredictAP, Vena, Sunbound, and AI-based accounts payable and business intelligence systems.
The goal is not technology for its own sake. It is speed, clarity, and better information in the field.
But Tom is also candid that not every technology investment works. Some expensive systems get installed and then ripped out a few years later. Sometimes, simple is better.
That may be the most mature technology lesson of all.
The promise of AI and data is real, especially around predictive insights, fall detection, resident monitoring, and earlier warning signs of change in condition. But Maplewood is not pretending every shiny tool solves the hard problems.
The question remains: Does this make life easier inside the community? Does it help deliver better care?
If not, it is just another thing for team members to manage.
Premium Brands and the Trickle-Down Effect
Maplewood currently operates two brands: Maplewood Senior Living and Inspir.
Inspir is the company’s ultra-premium brand, designed for gateway cities and high-service environments. Tom describes the New York project as a kind of “luxury spaceship,” with complex building systems, demanding resident expectations, and sophisticated operations.
He compares it to Formula One.
The point of Formula One is not just the race car. It is the innovation that eventually trickles down into everyday vehicles. In the same way, the lessons Maplewood learns from its most complex Inspir communities can influence the rest of its portfolio.
That includes technology, service models, design, operations, and programming.
Tom also says Maplewood would love to figure out a third brand — something that appeals to a broader market where there is real need. They have not cracked that yet.
Neither has the industry.
But it is a question worth chasing.
Growth, But Not at Any Cost
When asked to dream about the next five years, Shane says Maplewood wants to be recognized as one of the best operators in the eyes of its customers.
That is the right benchmark.
Not biggest. Not flashiest. Best.
Growth is possible. Shane mentions perhaps doubling the company and maybe creating a third brand. But he emphasizes controlled growth, staying in core markets, and making sure Maplewood remains a great employer and destination for residents.
Tom adds that Maplewood does not have to grow. It will grow organically if it chooses to and if the opportunity makes sense.
That may be the strongest argument for the co-CEO model at Maplewood. It is not about ego. It is not about building an empire for the sake of size.
It is about shared stewardship.
And in a senior living world that needs stronger operators, better workplaces, smarter technology, and more leadership depth, Maplewood’s experiment is worth watching.
