TOLEDO, Ohio — Welltower Inc. (NYSE: HCN) has announced major shake-ups in its C-Suite, extending CEO Thomas DeRosa’s contract for three years while eliminating the chief investment officer and chief operating officer positions currently held by Scott Brinker and Jeffrey Miller, respectively.
DeRosa has held the CEO position since April 2014, and his new contract is extended through April 2020. Miller announced his retirement, effective Feb. 1, 2017, and Welltower plans to eliminate the position rather than replace him.
Toledo-based Welltower, the largest seniors housing REIT by both total units and market cap, will make several other changes to its corporate structure, citing a desire to “streamline decision making and create a leaner, more integrated management structure for executing the company’s strategy,” according to a press release from the company. Other changes include:
• Mercedes Kerr, executive vice president who has led the company's business development activities in the U.S., will assume additional responsibility for deal origination on a global basis, including the company’s portfolio and operations in Canada and the U.K.
• Tim Lordan has been promoted to the newly created role of senior vice president of asset management, and will report to Kerr.
• Scott Estes, executive vice president and chief financial officer, will assume additional responsibilities for information management.
• Shankh Mitra, senior vice president of finance and investments, will take on additional responsibilities for oversight of the company’s portfolio management and business analytics functions, reporting to Estes.
• Matthew McQueen, senior vice president and general counsel, will assume additional responsibilities for internal auditing.
Welltower will report its 2016 full-year financial results on Feb. 22, 2017.