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Lauralee Martin Steps Down at HCP

IRVINE, CA—The healthcare REIT’s board expects to name a permanent replacement for Martin, who had served as HCP’s president and CEO since October 2013, within three to six months.

Lauralee Martin Martin had been a member of HCP’s board since 2008.

IRVINE, CA—In the second abrupt leadership transition at a market-leading REIT in as many days, Lauralee Martin has left HCP Inc., effective immediately. The healthcare REIT said Monday afternoon that executive chairman Michael McKee has assumed the additional role of interim president and CEO following the departure of Martin, who also resigned from the board.

In contrast to Monday’s surprise termination of president and CEO David J. Oakes at DDR Corp., Martin’s departure from HCP appears to have been expected by some analysts. Also in contrast to Oakes’ departure, Martin’s comes with a severance package, while Oakes is receiving none, according to SEC filings by both companies.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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