HCP Names Jones Lang’s Martin CEO as Flaherty Is Fired

Stock Chart for HCP Inc (HCP)

HCP Inc. (HCP), the largest U.S. health-care real estate investment trust, named Lauralee Martin as chief executive officer, replacing James F. Flaherty.

Martin, 62, was most recently chief executive of the Americas division of brokerage Jones Lang LaSalle Inc. (JLL) and has been on HCP’s board for five years. Flaherty was fired as chairman, president and CEO and will remain a director, the Long Beach, California-based REIT said today in a statement. Michael D. McKee will serve as non-executive chairman.

“The Board believes Lauralee is the best choice to provide new leadership for the company and to execute its strategies to enhance long-term value for shareholders,” McKee said in the statement. “Jay was a substantial and successful force behind HCP’s considerable growth for more than a decade, and we wish him continued success.”

HCP fell 3 percent to $40.53 at 9:55 a.m. New York time. The stock has dropped almost 11 percent in the past year, compared with a 0.3 percent gain in a Bloomberg index of health-care REITs.

Martin is one of the highest-ranking females in commercial real estate, HCP said. She joined Chicago-based Jones Lang LaSalle in 2002 and previously held executive positions at Heller Financial Inc., a commercial-finance company, according to the statement.

Jones Lang CEO Colin Dyer will assume Martin’s duties at the brokerage, the company said in a separate statement today.

To contact the reporter on this story: Elizabeth Dexheimer in New York at edexheimer@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net