Global Medical REIT Inc. (NYSE: GMRE) has announced a planned transition in leadership, with Chief Executive Officer (CEO) Jeffrey Busch expected to step down in 2025. As part of the succession plan, Lori Wittman has been appointed as the lead independent director effective January 1, 2025. Busch will remain on the board of directors as non-executive chairman following his tenure as CEO.
Under Busch's leadership since 2014, GMRE has seen significant growth, with the company's portfolio now comprising over 4.8 million square feet leased to premier healthcare providers. The board expressed appreciation for Busch's leadership and emphasized the need for a refreshed perspective to move the company forward and capitalize on future opportunities. The board has tasked the nominating and corporate governance committee with conducting a comprehensive search for a new CEO, with the assistance of an executive search firm.
Busch intends to stand for re-election as a director at the company's 2025 annual meeting of stockholders, and it is expected that he will continue to serve as non-executive chairman of the board following the succession date. Additionally, effective as of January 1, 2025, Lori Wittman has been appointed to serve as the board's lead independent director. As a result of these announcements, the company's shares have moved -0.9% on the market, and are now trading at a price of $7.63. Check out the company's full 8-K submission here.
