JLL President and CEO Colin Dyer to Oversee Americas Region Effective Immediately
|Lauralee Martin has been named the new chairman and CEO of HCP Inc. after the HCP board terminated James F. Flaherty III from the positions.|
In a major leadership change at two of the largest commercial real estate
firms, HCP, Inc. (NYSE: HCP
) has terminated CEO James F. Flaherty III and named longtime Jones Lang LaSalle (NYSE: JLL
) executive Lauralee Martin to the position of president and CEO.
Following Martin's decision to accept the new position at the healthcare property REIT, Jones Lang announced that President and CEO Colin Dyer will assume direct oversight of the global CRE services company's Americas region, effective immediately.
Martin, one of the highest-ranking women in commercial real estate, took over as CEO of Jones Lang's Americas division in January after 10 years at the firm during which she served as chief operating and financial officer.
HCP's board of directors, on which Martin has served for the past five years, turned to her to take over the senior leadership position after deciding to remove Flaherty as chairman, president and CEO. He remains a member of HCP's board of directors.
The HCP board also elected Michael D. McKee, the company’s lead director, to serve as non-executive chairman. In a move to further strengthen its governance, the HCP board decided to separate the chairman and CEO roles.
"With the health care industry in transition, the board believes that Lauralee is perfectly suited by experience, expertise, leadership skills and temperament to move quickly and confidently to take advantage of opportunities that will both strengthen and grow HCP," McKee said. "(She) is the best choice to provide new leadership for the company and to execute its strategies to enhance long-term value for shareholders. Jay was a substantial and successful force behind HCP’s considerable growth for more than a decade, and we wish him continued success."
Based in Long Beach, CA, HCP is a publicly traded REIT focused on the health care industry and has more than $20 billion in assets. Since 2008, Martin has been a member of the board at HCP, which also is a valued JLL client.
"Lauralee has made outstanding contributions to our firm's growth and success, and we look forward to continuing our relationship with her at HCP," said Dyer. "I also am excited about collaborating more closely with the Americas leadership team to maintain the profitable growth momentum that we have established in the region."
Martin joined Jones Lang LaSalle as chief financial officer in 2002 after leadership stints with Heller Financial and GE Capital Corp. She took on the additional position of chief operating officer in 2005 and was credited with maintaining an investment-grade balance sheet through the recession. She also helped build the firm's Energy and Sustainability Services business and structured acquisitions.
Martin succeeded Peter Roberts as CEO for the Americas at the first of this year. Roberts had served as CEO of the firm's largest business unit for the previous 10 years.