In terms of leadership, HCP Inc. (NYSE: HCP) is returning to what it knows.
The Irvine, California-based real estate investment trust (REIT) has re-hired Tom Herzog to serve as the company’s executive vice president and chief financial officer, effective June 27. Herzog previously served as HCP’s CFO from 2009 to 2011.
“We are thrilled to welcome Tom back to HCP,” HCP President and CEO Lauralee Martin said in a prepared statement. “His proven leadership, financial acumen, deep REIT industry experience and familiarity with our people and portfolio will be invaluable as we work to complete the recently announced spin-off of our HCR ManorCare real estate, and focus on the exciting growth opportunities ahead for HCP.”
Herzog has served as senior vice president and CFO of UDR, Inc. (NYSE: UDR) a Colorado-based multifamily REIT, since January 2013. He will replace Tim Schoen, HCP’s outgoing executive vice president and CFO, who is resigning to become the president of BioMed Realty.
The leadership news comes days after HCP announced the spin-off of its skilled nursing assets into an independent, publicly-traded REIT, which is expected to have a portfolio of approximately 320 properties with in-place annual rent of about $485 million.
Other leadership shake-ups ensued, as well. With the spin-off announcement came the news of Justin Hutchens’ promotion to CIO of HCP. Hutchens joined the company from National Health Investors (NYSE: NHI) last August to serve as HCP’s chief investment officer for senior housing and care.
Additionally, Kai Hsaio, who unexpectedly resigned as CEO of Holiday Retirement in January, has joined HCP as executive vice president of senior housing asset management.
The trend of new hires follows suit with HCP’s attempts to steady itself in recent years. A 2013 C-suite overhaul thrust Lauralee Martin into the CEO role, after the company’s board of directors decided a change in leadership style was needed and ushered out then-Chairman, President and CEO Jay Flaherty III.
Written by Mary Kate Nelson