HCP, Inc. (NYSE: HCP) today announced the election of Lauralee Martin, 62, to the position of President and Chief Executive Officer of HCP by the Board of Directors. One of the highest-ranking women in commercial real estate, she has served on HCP’s Board of Directors for five years and has left her position as Chief Executive of the Americas division of Jones Lang LaSalle, Incorporated.
The Board also elected Michael D. McKee, 67, the company’s lead director, as Non-Executive Chairman. They succeed James F. Flaherty III, who has been terminated as Chairman, President and CEO. He remains a member of the Board of Directors.
“The Board believes Lauralee is the best choice to provide new leadership for the company and to execute its strategies to enhance long-term value for shareholders,” said McKee. “Jay was a substantial and successful force behind HCP’s considerable growth for more than a decade, and we wish him continued success.
“Martin is a respected, seasoned and successful real estate executive who understands HCP’s business, its executive talent and its potential for growth. And she has a track record of delivering value for shareholders,” McKee added.
“With the healthcare industry in transition, the Board believes that Lauralee is perfectly suited by experience, expertise, leadership skills and temperament to move quickly and confidently to take advantage of opportunities that will both strengthen and grow HCP,” McKee noted.
“HCP is experiencing positive momentum, and achieving consistent financial results,” Martin said. I look forward to working with HCP’s strong management team to continue implementing the Company’s strategies to capitalize on growth opportunities.” Martin becomes only the third CEO in the 28-year history of the S&P 500 healthcare real estate investment trust. She will remain on HCP’s Board of directors.
In a move to enhance the governance strength of HCP, the Board decided to separate the Chairman and CEO roles.