Martin out as CEO of HCP

• Lauralee Martin has left the board and the CEO spot at NASDAQ:HCP after three years on the job. She's to be replaced on an interim basis by Executive Chairman Michael McKee. The process of finding a permanent chief is expected to take three to six months.
• Martin's departure comes following the completion of the company's strategic portfolio review in May, and ahead of the ManorCare spinoff.
• The company expects to book a severance charge of about $0.03 per share in Q3.
• Now-former company CFO Timothy Schoen exited his job there in May.