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HCP president to step down

HCP Inc. President Justin Hutchens, who was considered a finalist to become the company's CEO before the job went to another candidate, is leaving to become CEO of HC-One, a care home provider in the U.K.

Hutchens joined HCP in 2015 and became the president in January, when former CFO Tom Herzog took over as CEO. Analysts had earlier named both executives as top candidates for the CEO post after the departure of former CEO Lauralee Martin.

Hutchens will continue to serve in his current role until June 1 to "ensure a smooth transition of his duties and to assist with HCP's first quarter earnings announcement," according to a news release. HCP has retained the Russell Reynolds Associates executive search firm to help it recruit a new chief investment officer. Hutchens served as the REIT's chief investment officer before he became president.

In 2014, HCP lent £395 million to firms acquiring NHP, the owner of HC-One. The REIT later converted £174 million of the loan facility into a sale-leaseback transaction for 36 nursing and residential care homes located throughout the U.K. As of Dec. 31, 2016, the HC-One loan facility had an outstanding balance of $345 million.