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[January 26, 2014]
NorthStar Healthcare Taps James F. Flaherty III as President [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) NorthStar Healthcare Income, Inc. announced the appointment of James F. Flaherty III as Chief Executive Officer and President of the Company and in connection therewith the appointment of Daniel R. Gilbert as Executive Chairman of the Board of the Company.
David T. Hamamoto has decided to step down as Chairman of the Board of NorthStar Healthcare to facilitate these changes and will continue his stewardship of the Company's Sponsor as Chairman and Chief Executive Officer.
According to a release, the Company's Sponsor, NorthStar Realty Finance Corp. also announced that it has entered into a long-term partnership with Flaherty to augment and enhance the Sponsor's healthcare real estate business and oversee and seek to substantially grow its healthcare real estate portfolio and related capital raising.
Prior to joining the Sponsor, from 2003 to 2013 Flaherty was the Chairman and CEO of HCP, Inc. During his time at HCP, Flaherty grew HCP's equity market capitalization tenfold, from approximately $2 billion in 2003 to over $20 billion in 2013, becoming the third largest REIT in the United States, the first healthcare REIT selected to the S&P 500 and the only REIT in the world selected to the S&P 500 "Dividend Aristocrats" Index. During Flaherty's tenure at HCP, average shareholder returns exceeded 15 percent per year. Prior to joining HCP, Flaherty served at Merrill Lynch & Co. for 19 years in a variety of investment banking, capital markets and private equity functions in New York, London and Los Angeles and was head of Merrill Lynch's Global Healthcare Group. Flaherty is a member of the Board of Trustees of the University of Notre Dame and was a member of the Board of Governors of the National Association of Real Estate Investment Trusts from 2004 to 2013.
Gilbert commented, "We are very pleased to announce our Sponsor's partnership with Jay Flaherty and his appointment as Chief Executive Officer and President of NorthStar Healthcare. Jay's significant experience and demonstrated best in class track record of growing businesses while delivering strong shareholder value should have a dramatically positive impact on NorthStar Healthcare and its shareholders. I look forward to my continued active role in the management of NorthStar Healthcare and partnering with Jay to take the Company to the next level." Further Donald C. Tomasso has stepped down as President of the Company. Gilbert commented, "As we welcome Jay, I want to thank Don Tomasso for all of his focus, dedication and leadership and his key role in helping build the Company to where it is today." NorthStar Healthcare is a public, non-traded corporation that intends to qualify as a real estate investment trust (REIT).
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