Franiak was appointed COO in April 2010 after serving as WEL’s CFO since April of 2005. In addition to his COO responsibilities, he resumed CFO duties in 2015. Franiak played a key role in coordinating the initial analysis, design and implementation of strategies that resulted in the ultimate turnaround of Wesley Enhanced Living at Stapeley (formerly Stapeley in Germantown) in 2010 and Wesley Enhanced Living Main Line (formerly Martins Run) in 2015. Franiak continues to focus on operational and quality initiatives to deliver cost-effective, high-quality care and services for all WEL residents.
As CFO, Franiak was responsible for the fiscal management and financial operations of WEL. He was instrumental in the issuance of $58 million in financing through investment grade variable rate demand bonds with a low cost of capital for renovation and repositioning projects at two of WEL’s communities in 2005 and 2008. Franiak also coordinating the initial analyses and ultimately the issuance of $125 million of fixed rates bonds in 2017 to renovate various WEL campuses as well as fund certain reserves. Franiak also reorganized the centralized financial functions into a model of operational efficiency that resulted in value-added services to the WEL communities.
Franiak brings nearly 32 years of accounting, financial management and operations experience in the health care and long term care industries to his role at WEL. He formerly served as Principal and President of hospitality services company, The Prosperitas Group, where he directed the financial and operations functions. Prior to that, Franiak held Chief Financial Officer and Vice President of Finance positions at Lutheran Social Ministries of New Jersey, The Philadelphia Protestant Home and HomeCareUSA.
Franiak holds an MBA degree in Finance from LaSalle University and a BA degree in Accounting from Moravian College.