Healthcare Realty Trust Incorporated (NYSE: HR) recently made significant changes to its board of directors, as per the latest press release. Tom Bohjalian has been elected as the independent chair of the board, while the board has appointed three new independent directors – David Henry, Glenn Rufrano, and Don Wood. These appointments are part of a cooperation agreement with Starboard Value LP.
David Henry, who brings extensive experience from his tenure as the retired vice chairman and CEO of Kimco Realty Corporation, and Glenn Rufrano, with over 35 years of expertise in leadership of publicly traded and private real estate companies, have been appointed to the company’s existing board committee overseeing the president and CEO search. Mr. Rufrano has been named chair of the committee. Don Wood, who 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, has also been appointed as an independent director.
In connection with the agreement, John Knox Singleton, John V. Abbott, and Vicki U. Booth have retired from the board of directors.
Starboard has agreed to a customary standstill and voting agreement, expiring before the company’s 2026 annual meeting of stockholders.
These changes come as a result of constructive dialogue and collaboration, with Starboard expressing its belief that these highly qualified, independent directors bring extensive industry experience and a collective goal of enhancing shareholder value. The company and the incoming directors are committed to driving sustainable value and executing on strategic initiatives that further position Healthcare Realty for long-term growth.
The company is also engaging Ferguson Partners to assist in the search process for a new president and CEO.
These changes are in line with the company’s efforts to enhance performance and drive value for its shareholders. Healthcare Realty Trust Incorporated is a real estate investment trust 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. Its portfolio includes nearly 675 properties totaling approximately 40 million square feet concentrated in 15 growth markets. Today the company's shares have moved 0.9% to a price of $18.15. For more information, read the company's full 8-K submission here.
