Executive suite shake-up at HCP

The HCP board fires Chairman and CEO James Flaherty, and replaces him in the CEO role with  board member Lauralee Martin who is leaving her position as CEO of the Americas division at Jones Lang LaSalle (JLL). Flaherty will remain on the board.

The board has decided to separate the Chairman and CEO roles. Lead director Michael McKee has been elected Non-executive Chairman.

"This is a pivotal time of challenges, transitions and consolidation for the healthcare industry both here and abroad, driven by inescapable demographics and changes in the new insurance legal framework."

A conference call to discuss the shake-up is set for 10 ET.

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