HCP Appoints New CFO

Following a year of several high-profile leadership changes, Irvine, California-based health care real estate investment trust (REIT) HCP (NYSE: HCP) announced on Monday it has named Peter Scott as its new executive vice president and CFO, effective Feb. 13.

Scott is set to replace Tom Herzog, who HCP promoted to the role of CEO in January 2017 after former CEO Lauralee Martin stepped down in July 2016.

Scott joins HCP from London-based multinational banking and financial services company Barclays, where he currently works as a managing director in the real estate banking group. Scott’s 15-year career in real estate investment banking has also involved investment banking positions at Lehman Brothers and Credit Suisse.

HCP’s new CFO has worked with his new employer in the past, most recently advising the company on the spin-off of its HCR ManorCare skilled nursing facilities into a new REIT, Quality Care Properties.

“On behalf of our Board, Executive Chairman Mike McKee and the rest of the management team, I am excited to welcome Pete to HCP,” HCP CEO Tom Herzog said in a press release. “We know Pete well. We have worked closely with him and have consistently been impressed with his work ethic, insights and analytical skills. His deep health care real estate, capital markets and transaction experience are highly complementary to the executive team we have assembled.”

Last summer, HCP Executive Chairman Mike McKee suggested that the REIT was overdue for a new generation of leadership.

“We’re at a point now where we’ve decided and we’ve announced that it was time to move to the next generation of leaders,” McKee told Senior Housing News in July 2016. McKee served as the company’s interim CEO at the time.

As of Dec. 31, 2015, HCP owned 227 medical office buildings across the country, according to an annual report filed with the U.S. Securities and Exchange Commission (SEC). In late 2016, HCP purchased 10 medical office buildings from Franklin, Tennessee-based hospital company Community Health Systems, Inc. (NYSE: CYH) for $163 million.

Written by Mary Kate Nelson