IRVINE, Calif., July 11, 2016 /PRNewswire/ -- HCP (NYSE:HCP)
today announced that its Executive Chairman, Michael D. McKee, has assumed the additional
role of interim President and CEO, replacing Lauralee Martin, who has left the Company and
its Board. The Board of Directors will initiate the process
of appointing a permanent CEO, which is expected to take between
three and six months.
Mr. McKee stated: "With the completion of our strategic
portfolio review in May and the resulting spin-off transaction that
is well underway, the Board felt now is the appropriate time to
advance the process of developing HCP's next generation of
leadership. We have made substantial progress towards
rebuilding our executive team to align with our strategic vision
for the future, and identifying our next CEO represents the
cornerstone of that effort."
"I remain confident and excited about our recent C-suite
appointments and the broader management team." Mr. McKee
added, "Our portfolio performance and business outlook are
consistent with our plan across all investment sectors, and the
spin-off of our HCR ManorCare portfolio remains on track to be
completed later this year."
David B. Henry, HCP's Lead
Independent Director, stated: "On behalf of the Board and the
Company, I want to express our sincere gratitude to Lauralee for
her many contributions to HCP, both as a member of our Board since
2008 and during the last three years as CEO. Lauralee's
energy, passion and dedication to HCP are much appreciated by all
of us, and we wish her the very best in the years ahead."
The Company expects to record a severance charge of
approximately $0.03 per diluted share
in the third quarter of 2016 related to Ms. Martin's
departure.
Biographical Information
Mr. McKee became HCP's Executive Chairman in May 2016, and has served as Independent Chairman
and Lead Director prior to that. He has been Chief Executive
Officer of Bentall Kennedy U.S., L.P., one of the largest privately
owned real estate investment advisory firms in North America, from 2010 to 2016. Prior
to that, Mr. McKee was the Chief Executive Officer and Vice
Chairman of the Board of Directors of The Irvine Company, a
privately held real estate development and investment company,
where he had been an executive officer since 1994. Prior to
that, Mr. McKee was a partner with the law firm of Latham &
Watkins LLP from 1986 to 1994.
About HCP
HCP, Inc. is a fully integrated real estate investment trust
(REIT) that invests primarily in real estate serving the healthcare
industry in the United States. HCP's portfolio of assets is
diversified among five distinct sectors: senior housing,
post-acute/skilled nursing, life science, medical office and
hospital. A publicly traded company since 1985, HCP: (i) was
the first healthcare REIT selected to the S&P 500 index; (ii)
has increased its dividend per share for 31 consecutive years;
(iii) was the first REIT included in the S&P 500 Dividend
Aristocrats index; and (iv) is recognized as a global leader in
sustainability as a member of the Dow Jones and FTSE4Good
sustainability indices, as well as the recipient in three of the
past four years of both the GRESB Global Healthcare Sector Leader
and the NAREIT Healthcare Leader in the Light Award. For more
information regarding HCP, visit www.hcpi.com.
Forward-Looking Statements
The statements contained in this release that are not historical
facts are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, including those relating to our CEO
transition and expected severance charge, our business
opportunities and outlook, and our pending spin-off of our HCR
ManorCare portfolio. These statements are made as of the date
hereof, and are not guarantees of future events. They are subject
to risks and uncertainties that could cause actual events to differ
materially from those set forth therein or implied thereby. These
risks and uncertainties include, but are not limited to, those
identified in our reports filed with the Securities and Exchange
Commission. We assume no, and hereby disclaim any, obligation to
update any of the foregoing or any forward-looking statements as a
result of new information or new or future developments, except as
otherwise required by law.
HCP, Inc.
Thomas M. Herzog
Executive Vice President and Chief Financial Officer
(949) 407-0400
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SOURCE HCP, Inc.