IRVINE, Calif. and SAN FRANCISCO — HCP (NYSE: HCP), one of the largest healthcare REITs in the United States, has promoted Tom Herzog from chief financial officer to CEO and Justin Hutchens from chief investment officer to president.
HCP’s former CEO, Lauralee Martin, resigned in July. The company’s executive chairman, Michael McKee, has served as president and CEO in the interim. The promotions will be effective Jan. 1, 2017.
Herzog served as the CFO of HCP from 2009 to 2011, and was rehired in May for the same position.
The moves are part of the company’s transition to what it calls “HCP 3.0,” which has led to a series of major shakeups. In just the last 18 months the company spun off its skilled nursing portfolio into a separate REIT, hired former Holiday Retirement CEO Kai Hsiao as its executive vice president of asset management for the seniors housing division, hired Hutchens away from a competing REIT, promoted McKee to his position of executive chairman and let Martin go. Earlier this month HCP sold 64 Brookdale-operated seniors housing properties for $1.1 billion.
HCP has retained Korn Ferry, an executive recruiting firm, to search for a new CFO to replace Herzog after his promotion.