Tue, 15/04/2014 - 11:17
Health Care REIT has appointed Thomas J DeRosa, a director of the company and former vice chairman and chief financial officer of The Rouse Company, as chief executive officer, effective immediately.
DeRosa (pictured) will continue to serve as a director of the company.
DeRosa succeeds George L Chapman, who has retired from his positions as chairman of the board, chief executive officer and president, but will continue to serve as a senior advisor to the company.
Jeffrey H Donahue, who was HCN’s independent lead director, has been appointed chairman of the board, thereby separating the chairman and CEO roles.
The announcement represents the conclusion of a succession planning process involving the board and Chapman to ensure a smooth transition to new leadership. The implementation of the board’s succession plan has been accelerated, as Chapman recently informed the board of his desire to focus on his health, as well as other personal and civic commitments.
HCN also has created a management committee that will work with DeRosa to oversee the company’s day-to-day operations. In addition to DeRosa, the committee will include Scott M. Brinker, executive vice president — investments; Scott A Estes, executive vice president and chief financial officer; Charles J. Herman, Jr., executive vice president and chief investment officer; Jeffrey H Miller, executive vice president — operations and general counsel; and Erin C Ibele, senior vice president — administration and corporate secretary.
Donahue says: “Tom is an extremely gifted individual with an ideal combination of strong leadership skills, tremendous financial acumen, and significant expertise in the health care, real estate and REIT industries in the US and globally. We feel very fortunate to have someone of Tom's calibre, ideally suited to work with the management team to lead the company through its next phase of growth. Tom has a deep understanding of the organisation and its business through his work as an advisor to HCN for more than 20 years and a director for 10 years. This will support an efficient transition and immediate cohesiveness with our excellent management team.”
DeRosa says: “I feel privileged to be asked to lead HCN as chief executive officer and am excited by the many growth opportunities that lie ahead. HCN has developed an enviable competitive position and a management team with a proven ability to cultivate long-term relationships with top seniors housing operators and health systems and identify high-quality investments, which differentiates HCN in the industry. I look forward to working with the management committee to build on HCN’s strong track record of consistent internal and external growth and deliver significant shareholder value through opportunities in both the US and abroad.”
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