David Hegarty, the president and COO of Senior Housing Properties Trust (Nasdaq: SNH), is stepping down from the Newton, Massachusetts-based real estate investment trust (REIT) on April 30, according to a Monday press release.
Senior Housing Properties Trust is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is also based in Newton, Massachusetts. As of February, SNH owned 305 senior living communities nationwide.
Jennifer F. Francis, who currently works as a senior vice president of RMR and is responsible for leasing activities and asset management at all properties managed by RMR, is set to replace Hegarty as SNH’s president and COO, beginning May 1.
Before joining RMR in 2006, Francis worked as a partner at CBRE/NE Partners, where she provided brokerage and corporate advisory services for large corporate clients on their national commercial real estate portfolios.
Hegarty, meanwhile, will remain an employee of RMR until his retirement on September 30, 2018. Hegarty’s retirement agreement with RMR says that he will be able to assist both RMR and SNH on an as-needed basis after September 30.
Additionally, Jennifer B. Clark has been named as a managing trustee of SNH, effective immediately, to fill a vacancy on the board created when RMR Group founder Barry Portnoy unexpectedly passed away on Feb. 25. Clark will continue to serve as secretary of SNH and as executive vice president, general counsel and secretary of The RMR Group Inc.
Currently, Clark serves on the boards of The RMR Group Inc., RMR Advisors LLC and the Sonesta International Hotels Corporation. Clark first joined The RMR Group in 1999.
Written by Mary Kate Nelson