INDIANAPOLIS (AP) — A company that operates dozens of nursing homes across Indiana has fired its top executive three days after federal agents searched his home and the company's headquarters.

Indianapolis-based American Senior Communities said Friday that CEO James Burkhart's firing was effective immediately.

The company said its board of managers would assume the CEO responsibilities while it searched for an interim and permanent replacement for Burkhart.

Several FBI and IRS agents spent several hours Tuesday searching the company's headquarters and Burkhart's Carmel home. Federal officials have declined to discuss the investigation, which Burkhart referred to in a statement Tuesday as a “cost review.”

Burkhart's attorney, Larry Mackey, did not immediately return a phone message seeking comment Friday.

ASC manages nearly 100 facilities, making it one of Indiana's largest nursing home operators.