- Push-out Score determined
- After about six and a half years in the position
- Praise and thanks for DeRosa
- Shankh Mitra taking over
- DeRosa spoke at length and said 145 words
(exechange) — Toledo, Ohio, October 5, 2020 — Tom DeRosa, chief executive of Welltower, leaves. As announced by Welltower Inc. in a news release and in a regulatory filing published on Monday, October 5, 2020, Thomas J. (Tom) DeRosa leaves his post as chief executive officer at the real estate investment trust that mostly invests in seniors housing, assisted living and memory care communities after about six and a half years in the role, effective immediately.
Tom DeRosa’s duties as CEO will be taken over by Shankh Mitra, most recently Chief Operating Officer and Chief Investment Officer of Welltower Inc.
It is a generational change as well. Shankh Mitra is about 22 years younger than Tom DeRosa.
“Now is the right time”
Tom DeRosa’s departure from the CEO post is explained as follows. DeRosa said: “After careful thought and consideration of the Company’s current position and opportunities ahead, the Board and I have decided that now is the right time for me to hand the reins to Shankh. There is no executive better suited to lead Welltower at this critical juncture.”
Precise information regarding Tom DeRosa’s future plans was not immediately available.
“Stepping down”
Welltower said: “Mr. Mitra, who has been serving as Vice Chair, Chief Operating Officer and Chief Investment Officer, succeeds Thomas J. DeRosa, who is stepping down as Chairman and CEO after leading Welltower for more than six years.”
Welltower further said: “Mr. Mitra, who has been serving as Vice Chair, Chief Operating Officer and Chief Investment Officer, succeeds Thomas J. DeRosa, who stepped down as Chairman and Chief Executive Officer of the Company on October 5, 2020 after more than six years of service as the Company’s Chief Executive Officer.”
Share price decline
The announcement follows a decline in Welltower Inc.’s share price of 35% since October 2019.
In the position of CEO since 2014
Tom DeRosa became CEO of the Company in 2014.
DeRosa has been Welltower’s Chairman of the Board since May 2019 and Welltower’s Chief Executive Officer since April 2014.
DeRosa previously served as the Vice Chairman and Chief Financial Officer of The Rouse Company (a real estate development and operations company) from September 2002 until November 2004 when it was merged with General Growth Properties, Inc.
From 1992 to September 2002, DeRosa held various positions at Deutsche Bank (Deutsche Bank AG) and Alex. Brown & Sons.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Welltower and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 41.2020 ($).