DeRosa Succeeds Chapman as HCN CEO

TOLEDO, OH—With the retirement of George Chapman as chairman, CEO and president of Health Care REIT Inc., two of his former roles have been divided between two men. Thomas J. DeRosa, formerly vice chairman and CFO at the Rouse Co., has been named CEO, effective immediately. Jeffrey H. Donahue, who was HCN's independent lead director, has been appointed chairman of the board, thereby separating the chairman and CEO roles.

DeRosa has been a board member at the Toledo, OH-based REIT, and will continue to be a director as he takes the reins of the company. Citing “the many growth opportunities that lie ahead,” DeRosa notes that HCN has developed “an enviable competitive position and a management team with a proven ability to cultivate long-term relationships with top seniors housing operators and health systems and identify high-quality investments.”

Adds DeRosa, “Our business continues to perform well, having completed over $500 million in gross new investments with both new and established partners in the first quarter. We are on track to meet our previously announced annual guidance and look forward to providing our detailed results on our regularly scheduled earnings call,” scheduled for May 8.

HCN, which has not named a president to succeed Chapman in that capacity, has created a management committee that will work with DeRosa to oversee the company's day-to-day operations. In addition to DeRosa, the committee will include Scott M. Brinker, EVP—Investments; Scott A. Estes, EVP and CFO; Charles J. Herman Jr., EVP and CIO; Jeffrey H. Miller, EVP—Operations and general counsel; and Erin C. Ibele, SVP—administration and corporate secretary.

Chapman told HCN's board recently that he would step down after 19 years at the helm to focus on his health as well as other personal and civic commitments, but will continue as a senior advisor. “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,” he says, adding that DeRosa “knows our company well and has been a tremendous asset over the years. I am confident HCN has a bright future and that Tom is the right choice to lead the company at this time.”