IRVINE, Calif. and SAN FRANCISCO, Nov. 14,
2016 /PRNewswire/ -- HCP (NYSE:HCP) ("HCP" or the
"Company") announced today that its Board of Directors intends to
elect Tom Herzog, HCP's current
Chief Financial Officer, as Chief Executive Officer and a member of
the Board. The Board also intends to elect Justin Hutchens, HCP's current Chief Investment
Officer, as President. Both elections are anticipated to be
made effective January 1, 2017.
Mr. Herzog has served as CFO since June
2016 after rejoining the Company, having previously served
as CFO from 2009 to 2011. He will report to Mike McKee, who has served as interim President
and CEO since July 2016 and will
remain Executive Chairman. Mr. Hutchens will report to Mr.
Herzog.
"The Board is very excited to announce HCP's new generation of
leadership, which was one of the key strategic goals we outlined
earlier this year," said Mr. McKee. "Tom and Justin are both
outstanding executives, and their skills and experience have been
invaluable during the past year as we have made significant
progress on our long-term strategic plan. In addition,
elevating two highly qualified senior members of our current
executive team will ensure stability as well as continuity of
leadership and strategy as we continue our transition to HCP 3.0,
and our vision for a stronger and more profitable company. We
are all committed and excited to continue to work together to drive
improved performance and build shareholder value."
"I am honored by the opportunity to lead HCP through its next
phase of growth and development, and I greatly appreciate the
confidence of our Board of Directors," said Mr. Herzog. "Our
entire executive team and Board are fully aligned with our
strategic vision, and I look forward to continuing to work with
Justin and the rest of our outstanding leadership team to build
value for our shareholders. Since I returned to HCP in June,
we have achieved a number of our near-term strategic goals, and
this gives me great confidence in our ability to continue to
execute the long-term plan. From top to bottom, HCP is an
extremely talented and hard-working organization, and I look
forward to collaborating with our entire team to ensure this next
chapter in our corporate history is as successful as
possible."
Mr. Hutchens said, "I look forward to this new role at HCP at
this key point in our transition, and I am thrilled to continue
working alongside Tom, whom I respect immensely as an executive and
colleague. I have no doubt he will provide strong and stable
leadership that will inspire continued confidence in HCP's success
among our employees, shareholders, operating partners and other
stakeholders. We have all worked incredibly hard this year to
ensure the successful transformation of the business, and we have a
clear strategy in place to continue this performance."
CFO Search
HCP has retained Korn Ferry, a
leading global executive recruiting firm, which has already
initiated a search for a new CFO to replace Mr. Herzog in 2017.
Tom Herzog Biography
Mr. Herzog is HCP's Executive Vice President and Chief Financial
Officer. From January 2013
until joining HCP in June 2016, he
was Senior Vice President - Chief Financial Officer of UDR, Inc., a
leading multifamily REIT. Mr. Herzog served as Chief
Financial Officer of Amstar, a Denver-based real estate investment company,
from August 2011 to January
2013. He previously served as Executive Vice President and
Chief Financial Officer of HCP from April
2009 to May 2011. Mr. Herzog was Senior Vice President
and Chief Accounting Officer at Apartment Investment and Management
Company, a leading multifamily REIT, from 2004 to 2005 and
Executive Vice President and Chief Financial Officer from 2005 to
2009. From 2000 to 2004, he served in the roles of Chief
Accounting Officer & Global Controller and Finance Technical
Advisor for GE Real Estate. Prior to joining GE Real Estate,
Mr. Herzog began his career in public accounting with Deloitte
& Touche LLP, serving in the audit department for ten years,
including a two-year national office assignment in the real estate
group. He currently serves on the Board of Directors for Tier
REIT, an office property REIT.
Justin Hutchens Biography
Mr. Hutchens has been with HCP since September 2015, most recently as Executive Vice
President and Chief Investment Officer. Prior to joining HCP,
Mr. Hutchens was President and Chief Executive Officer of National
Health Investors, Inc., a healthcare REIT, since March 2011 and President and Chief Operating
Officer ("COO") from February 2009 to
March 2011. He served on NHI's Board of Directors from 2010
to 2015. Mr. Hutchens has national operating experience as
the Senior Vice President and COO of Summerville Senior Living from 2003 to 2007 and
upon its merger with Emeritus Corporation, the Executive Vice
President and COO of Emeritus Senior Living Corporation from 2007
to 2009. From 1997 to 2003, he held multi-site management
roles overseeing marketing and operations in the senior housing and
post-acute industries. Mr. Hutchens currently serves on the
Board of Directors for the National Investment Center for Seniors
Housing and Care.
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 owns a large-scale
portfolio diversified across multiple sectors, led by senior
housing, life science and medical office. Recognized as a
global leader in sustainability, HCP has been a publicly-traded
company since 1985 and was the first healthcare REIT selected to
the S&P 500 index. For more information regarding HCP,
visit www.hcpi.com. http://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 and
President transition and expected process for hiring our CFO and
our business opportunities and outlook. 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.
CONTACT
Andrew Johns
Vice President – Finance and Investor Relations
(949) 407-0400
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SOURCE HCP, Inc.