“Jexit”: HCP President Leaving for UK-Based Operator
- Apr 05, 2017
Justin Hutchens, HCP’s president, will be leaving the company to become the CEO of HC-One, one of the largest and most recognized home care providers in the United Kingdom.
“While the opportunity to become the CEO of HC-One is exceptionally exciting to me, this was nonetheless a difficult decision given my extremely rewarding experience at HCP,” Hutchens said in a prepared release. “I’ve been fortunate to work with a management team and board of directors of exceptionally high caliber, and I believe HCP’s portfolio has been repositioned to achieve great success. I’m proud of my contributions and remain highly confident in HCP’s growth prospects moving forward.”
He will remain in his current role through June 1 to help the company transition to a new president and assist with HCP’s first-quarter earnings announcement.
“On behalf of the board of directors and the entire company, I would like to express my sincere gratitude to Justin for his significant contributions to HCP and to congratulate him on this exciting career opportunity,” Mike McKee, HCP’s executive chairman, said in the release. “Though we are disappointed to lose such a talented and experienced executive, we are fortunate that Justin has helped build a strong operational infrastructure within HCP, backed by a deep pool of talent that positions us well for future growth. We look forward to continuing to work with Justin, both through the transition and in his new role at our client HC-One, and we wish him every success.”
Hutchens has been with HCP since September 2015 and was named president only this past January. Prior to joining the company, he served as president & CEO for National Health Investors Inc., a healthcare REIT.
He was also on NHI’s board from 2010 to 2015. His background also includes stints as senior vice president & COO of Summerville Senior Living, executive vice president & COO of Emeritus Senior Living Corp., and various multi-site management roles in the senior housing and post-acute industries. He currently serves on the board of the National Investment Center for Seniors Housing and Care.
In its latest investor presentation, HCP said that it was planning to invest in senior housing, medical office and life science segments in the year ahead. Its key goals, it stated, was to improve portfolio quality, strengthen the balance sheet, accretive external growth and grow organically by 3 percent.
In March, HCP sold a portfolio of 64 triple-net assets leased to Brookdale Senior Living Inc. to affiliates of Blackstone Real Estate Partners VIII LP for roughly $1.2 billion. The company said it would use the proceeds to pay down $1.6 billion of debt, resulting in an improved credit profile overall.
HCP has initiated the process of recruiting a new chief investment officer and has retained Russell Reynolds Associates, a leading global executive search firm, to aid in its search.