Forrest Lee Preston (born 1932/33) is an American billionaire businessman. He is the founder, owner, chairman and chief executive officer (CEO) of Life Care Centers of America, a long-term elderly care company he founded in 1970.
Early life
Forrest Preston was born and grew up in Massachusetts, the son of a Seventh-day Adventist pastor father, Benjamin M. Preston and his wife Ethel Preston. His father died in 1994, and Preston endowed the Benjamin M. Preston scholarship at Atlantic Union College, of which his father was an alumnus.
He was educated at Walla Walla College and Oregon State University.
Career
Together with his brother Winton Russell Preston (who had already founded Preston Printing in Cleveland in 1955), he co-founded a company called Hospital Publications to create patient booklets and public relations materials for hospitals, and the company operated until 1972.
In 1970, Preston founded Life Care Centers of America, and is the sole owner, chairman and CEO.
As of September 2015, he had a net worth of US$2.1 billion.
Personal life
He is married to Kathleen Preston and lives in Cleveland, Tennessee.
- Forrest Preston founded Life Care Centers of America in 1970 and has since made a fortune with facilities that house and care for the elderly.
- The private firm raked in $3.1 billion in sales in 2016 from nursing homes, assisted living facilities and retirement living communities in 28 states.
- Preston is the CEO and sole owner of the company, which is based in Cleveland, Tennessee.
- In 2016, the company agreed to pay $145 million to settle a government lawsuit alleging that the firm had over-billed federal healthcare programs.
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