Big Changes at the Top for HCP

The healthcare REIT will start fresh in 2017 with Tom Herzog as CEO and Justin Hutchens as president.
Tom Herzog

Tom Herzog

Irvine, Calif.—The HCP board will name Tom Herzog as its new CEO & member of the board, and Justin Hutchens as its new president, effective Jan. 1, 2017.

Herzog is HCP’s current chief financial officer, while Hutchens serves as the company’s current chief investment officer.

“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,” Mike McKee, HCP executive chairman, said in a prepared release. “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.”

Herzog has been the company’s CFO since June of this year, after rejoining the company. He previously held the same position from 2009-2011. In his new position, he will report to McKee, who has served as interim president & CEO since July, when former CEO Lauralee Martin stepped down.

“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,” Herzog said in the release. “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.”

Hutchens has been with HCP since September 2015. Prior to joining HCP, he served as president & CEO for National Health Investors Inc., a healthcare REIT.

“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,” Hutchens said. “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.”

According to McKee, elevating two highly qualified senior members of its current executive team will ensure stability as well as continuity of leadership and strategy as it transitions to HCP 3.0.

“We are all committed and excited to continue to work together to drive improved performance and build shareholder value,” he said.

HCP has faced several leadership changes in the past year, including the announced departure of Timothy Schoen, the company’s former executive vice president & CFO, who became president of BioMed Realty.