Mike McKee, current executive board chairman and former interim CEO of HCP Inc. (NYSE: HCP), will be retiring, the real estate investment trust (REIT) announced Monday.
McKee, who joined HCP’s board in 1989, will step down from the executive chairman role effective March 1. He will remain with the Irvine, California-based company in a consulting role though the annual meeting in April, then retire from the board of directors.
“I would like to thank Mike for his leadership and steady hand as he helped guide the restructuring of the company,” CEO and President Tom Herzog stated in a press release. “Mike has been a valued partner and I wish him the best.”
That restructuring involved the spin-off of the REIT’s troubled portfolio of HCR ManorCare skilled nursing properties in 2016. In the midst of spinning those properties into a separate REIT—Quality Care Properties (NYSE: QCP)—then-CEO Lauralee Martin left HCP, and McKee stepped into the interim CEO role.
These changes resulted in “HCP 3.0,” McKee stated in August 2016, while serving as interim CEO. About three months later, Herzog became CEO. Since that time, HCP has been focused largely on reducing its exposure to Brookdale Senior Living (NYSE: BKD), the nation’s largest senior living provider. Brookdale was by far the REIT’s largest tenant after the QCP spin.
David Henry—previously lead independent director—has been appointed non-executive chairman.
Written by Tim Mullaney