HCP Inc. said Monday that Chief Financial Officer Mark A. Wallace will leave at the end of March and be replaced by Thomas M. Herzog.
The Long Beach a health care real estate investment trust said after the markets closed that Herzog, who will join the company May 1, was previously executive vice president and CFO at Apartment Investment and Management Co., a REIT in Denver.
Prior to that, Herzog was with GE Real Estate, where he was chief accounting officer and global controller of a $30 billion real estate operation. He earlier was with Deloitte & Touche LLP's national office.
Herzog's "extensive financial management and real estate experience will be a strong asset to our organization," said Chief Executive Jay Flaherty in a statement. "Tom has nearly 20 years of providing leadership in these key functions, and we are excited about continuing our successes with him going forward."
Wallace, 51, became HCP's CFO in 2004, was named treasurer in 2006 and added the executive vice president title the following year. He will serve as a consultant until March 31 to assist with the transition, the company said.
Before the announcement, HCP shares closed down $1.22, or 6.7 percent, to $17.05 on the New York Stock Exchange.
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