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HCP CEO steps down; board chair takes reins on interim basis

HCPInc. President and CEO Lauralee Martin stepped down and wasreplaced in those roles by Executive Chairman Michael McKee on an interim basis.

The company will initiate a search for a new permanent CEO, andit said the process could take "between three and six months." HCPexpects to record a severance charge of roughly 3 cents per share in the thirdquarter related to Martin's departure.

McKee became HCP's executive chairman in May 2016, and hadserved as independent chairman and lead director prior to that time. McKee wasCEO of the real estate investment advisory firm Bentall Kennedy U.S. LLP from2010 to 2016.

Martin is also leaving her seat on the board.