Health Care REITs CEO exits

Published: 4/15/2014 - Updated: 5 hours ago

BY JON CHAVEZ BLADE BUSINESS WRITER

George L. Chapman, chief executive officer of Health Care REIT Inc., the billion-dollar real estate investment trust based in Toledo, on Monday announced his retirement, effective immediately.

Health Care REIT said Thomas J. DeRosa, 56, a director of the company since 2004, would become its new CEO.

The company said that Mr. Chapman, 66, who also is chairman and president, is stepping down to focus on his health and to give attention to personal and civic commitments.

In an interview Monday, Mr. DeRosa said Mr. Chapman told the board recently he has a nonlife-threatening health issue that he needs time to take care of, as well as focusing on his family.

Mr. Chapman will become a senior adviser to the company, which is traded on the New York Stock Exchange under the ticker symbol HCN.

Jeffrey Donahue, who was Health Care REITs lead independent director, will replace Mr. Chapman as board chairman. The title of president will be vacated.

A company spokesman said while Mr. Chapman had decided not to discuss his retirement decision, he did issue a statement.

It has been an honor to lead HCN, its talented management team, and dedicated employees over the past two decades. I am extremely proud of what we have accomplished together, and I am confident HCN is well-positioned to succeed, Mr. Chapman said. While I will miss my day-to-day role at HCN, now is the right time for me to move on and serve the company in a different capacity.

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Health Care REITs CEO exits

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