Healthcare Realty Trust Announces Changes to Board of Directors
Healthcare Realty Trust (NYSE:HR) announced significant changes to its Board of Directors. Tom Bohjalian has been elected as Independent Chair, while three new independent directors - David Henry, Glenn Rufrano, and Don Wood - have been appointed to the Board in connection with a cooperation agreement with Starboard Value LP.
Mr. Henry and Mr. Rufrano will join the committee overseeing the president and CEO search, with Rufrano serving as committee Chair. Ferguson Partners has been engaged to assist in the search process. As part of these changes, John Knox Singleton, John V. Abbott, and Vicki U. Booth have retired from the Board.
The agreement with Starboard includes a customary standstill and voting agreement extending until the Company's 2026 Annual Meeting of Stockholders.
Healthcare Realty Trust (NYSE:HR) ha annunciato importanti cambiamenti nel suo Consiglio di Amministrazione. Tom Bohjalian è stato eletto come Presidente Indipendente, mentre tre nuovi amministratori indipendenti - David Henry, Glenn Rufrano e Don Wood - sono stati nominati nel Consiglio in relazione a un accordo di cooperazione con Starboard Value LP.
Il signor Henry e il signor Rufrano si uniranno al comitato che supervisiona la ricerca del presidente e CEO, con Rufrano che fungerà da presidente del comitato. Ferguson Partners è stato ingaggiato per assistere nel processo di ricerca. Come parte di questi cambiamenti, John Knox Singleton, John V. Abbott e Vicki U. Booth si sono ritirati dal Consiglio.
L'accordo con Starboard include un consueto accordo di standstill e di voto che si estende fino all'Assemblea Annuale degli Azionisti del 2026 della Società.
Healthcare Realty Trust (NYSE:HR) anunció cambios significativos en su Junta Directiva. Tom Bohjalian ha sido elegido como Presidente Independiente, mientras que se han nombrado a tres nuevos directores independientes - David Henry, Glenn Rufrano y Don Wood - en relación con un acuerdo de cooperación con Starboard Value LP.
El Sr. Henry y el Sr. Rufrano se unirán al comité que supervisa la búsqueda del presidente y CEO, con Rufrano sirviendo como Presidente del comité. Ferguson Partners ha sido contratado para ayudar en el proceso de búsqueda. Como parte de estos cambios, John Knox Singleton, John V. Abbott y Vicki U. Booth se han retirado de la Junta.
El acuerdo con Starboard incluye un acuerdo de standstill y de votación habitual que se extenderá hasta la Reunión Anual de Accionistas de la Compañía en 2026.
Healthcare Realty Trust (NYSE:HR)는 이사회의 중대한 변화를 발표했습니다. Tom Bohjalian이 독립 의장으로 선출되었으며, David Henry, Glenn Rufrano, Don Wood의 세 명의 새로운 독립 이사가 Starboard Value LP와의 협력 계약에 따라 이사회에 임명되었습니다.
Henry 씨와 Rufrano 씨는 대통령 및 CEO 검색을 감독하는 위원회에 합류하며, Rufrano 씨가 위원회 의장을 맡습니다. Ferguson Partners는 검색 과정에서 지원하기 위해 고용되었습니다. 이 변화의 일환으로 John Knox Singleton, John V. Abbott, 그리고 Vicki U. Booth가 이사회에서 퇴임했습니다.
Starboard와의 계약에는 회사의 2026년 연례 주주총회까지 연장되는 관례적인 스탠드스틸 및 투표 계약이 포함되어 있습니다.
Healthcare Realty Trust (NYSE:HR) a annoncé des changements significatifs au sein de son Conseil d'Administration. Tom Bohjalian a été élu Président Indépendant, tandis que trois nouveaux administrateurs indépendants - David Henry, Glenn Rufrano et Don Wood - ont été nommés au Conseil en lien avec un accord de coopération avec Starboard Value LP.
M. Henry et M. Rufrano rejoindront le comité supervisant la recherche du président et PDG, avec Rufrano servant en tant que Président du comité. Ferguson Partners a été engagé pour aider dans le processus de recherche. Dans le cadre de ces changements, John Knox Singleton, John V. Abbott et Vicki U. Booth ont pris leur retraite du Conseil.
L'accord avec Starboard comprend un accord de gel d'actions et de vote courant jusqu'à la Réunion Annuelle des Actionnaires de la Société en 2026.
Healthcare Realty Trust (NYSE:HR) hat bedeutende Veränderungen im Vorstand bekannt gegeben. Tom Bohjalian wurde zum unabhängigen Vorsitzenden gewählt, während drei neue unabhängige Direktoren - David Henry, Glenn Rufrano und Don Wood - im Rahmen einer Kooperationsvereinbarung mit Starboard Value LP in den Vorstand berufen wurden.
Herr Henry und Herr Rufrano werden dem Ausschuss beitreten, der die Suche nach dem Präsidenten und CEO überwacht, wobei Rufrano als Vorsitzender des Ausschusses fungiert. Ferguson Partners wurde beauftragt, den Suchprozess zu unterstützen. Im Rahmen dieser Änderungen sind John Knox Singleton, John V. Abbott und Vicki U. Booth aus dem Vorstand ausgeschieden.
Die Vereinbarung mit Starboard beinhaltet eine übliche Stillhalte- und Abstimmungsvereinbarung, die bis zur Jahreshauptversammlung der Aktionäre der Gesellschaft im Jahr 2026 gilt.
- Addition of three experienced independent directors with extensive real estate and leadership backgrounds
- Structured cooperation agreement with major shareholder Starboard Value through 2026
- Engagement of professional firm Ferguson Partners for CEO search process
- Ongoing leadership transition with vacant CEO position indicates operational uncertainty
- Significant board restructuring may lead to temporary strategic disruption
Tom Bohjalian Elected Independent Chair of the Board
Independent Directors David Henry, Glenn Rufrano and Don Wood Appointed to Board
Company Enters into Cooperation Agreement with Starboard Value
NASHVILLE, Tenn., Dec. 09, 2024 (GLOBE NEWSWIRE) -- Healthcare Realty Trust Incorporated (NYSE:HR) (“Healthcare Realty” or the “Company”) today announced that its Board of Directors (“Board”) has elected current director Tom Bohjalian as Independent Chair of the Board. It also announced that the Board has appointed three new independent directors with deep industry and leadership experience, David Henry, Glenn Rufrano and Don Wood, effective immediately, in connection with a cooperation agreement (“Agreement”) with Starboard Value LP (together with its affiliates, “Starboard”). Mr. Henry and Mr. Rufrano have been appointed to the Company’s existing board committee overseeing the previously announced president and CEO search, with Mr. Rufrano named Chair of the committee. The Company has also engaged Ferguson Partners to assist in the search process.
“We are pleased to have reached an agreement with Starboard and appreciate their collaborative engagement, valuable input and shared commitment to enhancing performance and driving value for our shareholders,” said Mr. Bohjalian. “David, Glenn and Don bring meaningful experience and fresh perspectives to the Board, and we look forward to working with them as we continue to take actions that will drive sustainable value and execute on strategic initiatives that further positions Healthcare Realty for long-term growth.”
“We commend the Board and management team of Healthcare Realty for their constructive dialogue and believe these highly qualified, independent directors bring extensive industry experience and a collective goal of enhancing shareholder value,” said Jeffrey Smith, Chief Executive Officer and Chief Investment Officer of Starboard. “This outcome is a positive step forward in supporting the Board’s efforts in positioning Healthcare Realty for consistent execution, advancement of its financial and operational objectives, and maximization of shareholder value.”
David Henry is the retired Vice Chairman and CEO of Kimco Realty Corporation, where he served for over 15 years. Prior to Kimco, Mr. Henry was Senior Vice President and Chief Investment Officer at GE Capital Real Estate, where he spent 23 years overseeing pension advisory activities, investment policies, and strategies across U.S. and international markets. Mr. Henry currently serves on the boards of Tanger Outlet Centers and Starwood Real Estate Income Trust. He previously served on the boards of Columbia Property Trust, Healthpeak Properties, Inc. and VEREIT, Inc. He is a past Chairman of the International Council of Shopping Centers and former Vice Chairman of the Board of Governors of the National Association of Real Estate Investment Trusts (NAREIT). He co-founded Peaceable Street Capital, a preferred equity lender for income-producing commercial real estate properties.
Glenn Rufrano brings over 35 years of expertise in leadership of publicly traded and private real estate companies. He currently serves as Executive Chairman of PREIT. He previously served as Chief Executive Officer of VEREIT, Inc., Chairman of the International Council of Shopping Centers (ICSC), and President and CEO of Cushman & Wakefield. He also led Centro Properties Group, an Australian company specializing in the ownership and management of shopping centers, as its Chief Executive Officer. Additionally, he served as CEO of New Plan Excel Realty Trust, and as Chairman, CEO and a founding partner of O’Connor Capital Partners.
Don Wood has been with Federal Realty since 1998, serving in various leadership roles including Chief Financial Officer and President, before becoming Chief Executive Officer in 2003. Before joining Federal Realty, Mr. Wood spent eight years at ITT Corporation in New York, where he served as Deputy Controller and Chief Financial Officer of Caesars World, Inc. Mr. Wood previously chaired NAREIT, served on the ICSC executive committee and sat on the board of Quality Care Properties.
In connection with the Agreement, John Knox Singleton, John V. Abbott and Vicki U. Booth have retired from the Board of Directors.
Mr. Bohjalian continued, “On behalf of the entire Board, I would like to thank Knox, John and Vicki for their many years of dedicated leadership and significant contributions to Healthcare Realty. We wish them nothing but the best for the future.”
Pursuant to the Agreement, Starboard has agreed to a customary standstill and voting agreement expiring in advance of the Company’s 2026 Annual Meeting of Stockholders. Additional information will be filed in a Form 8-K with the Securities and Exchange Commission.
Advisors
JP Morgan is serving as exclusive financial advisor to the Company in connection with the Agreement, and Latham & Watkins LLP and Holland & Knight LLP are serving as legal counsel.
About Healthcare Realty
Healthcare Realty is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses. The Company selectively grows its portfolio through property acquisition and development. As the first and largest REIT to specialize in medical outpatient buildings, Healthcare Realty’s portfolio includes nearly 675 properties totaling approximately 40 million square feet concentrated in 15 growth markets. Additional information regarding the Company can be found at www.healthcarerealty.com.
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In addition to the historical information contained within, the matters discussed in this press release may contain forward-looking statements that involve risks and uncertainties. These risks are discussed in filings with the Securities and Exchange Commission by Healthcare Realty, including its Annual Report on Form 10-K for the year ended December 31, 2023 under the heading “Risk Factors,” and in its Quarterly Reports filed thereafter and in the Company’s other SEC filings. Forward-looking statements represent the Company’s judgment as of the date of this release. The Company disclaims any obligation to update forward-looking statements.
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