- Push-out Score determined
- After around 15 years in the position
- Peter Foss taking over temporarily
(exechange) — Scottsdale, Arizona, August 3, 2021 — Scott Peters, chief executive of Healthcare Trust, leaves. As announced by Healthcare Trust of America Inc. in a news release and in a regulatory filing published on Tuesday, August 3, 2021, Scott D. Peters has left his post as chief executive officer at the owner and operator of medical office buildings after around 15 years in the role, effective August 2, 2021.
It is the end of an era.
Scott Peters’s duties as CEO will be taken over temporarily by Peter N. Foss, a former President of the Olympic Sponsorship and Corporate Accounts at General Electric Company, as Interim Chief Executive Officer.
Already a director
Foss is already a director of Healthcare Trust. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Foss understands the expectations and dynamics of the board and has knowledge of Healthcare Trust’s organization, risk-management practices and strategy.
No reason given
In the announcement, Healthcare Trust did not explicitly explain the reason for the move.
Precise information regarding Scott Peters’s future plans was not immediately available.
Healthcare Trust said: “Scott D. Peters resigned effective August 2, 2021 as a director, Chairman of the Board, President and Chief Executive Officer of the Company.”
Share price decline since August 2016
The announcement follows a decline in Healthcare Trust of America Inc.’s share price of 17% since August 2016.
In the position of CEO since 2006
Scott Peters became CEO of the Company in 2006.
Peters has served as the Chairman of the Board of Directors since July 2006, Chief Executive Officer since April 2006 and President since June 2007.
He served as the Chief Executive Officer, President and a director of Grubb & Ellis Company (“GBE”), the Company’s former sponsor, from December 2007 to July 2008, and as the Chief Executive Officer, President and director of NNN Realty Advisors, a wholly owned subsidiary of GBE, from its formation in September 2006.
Through the time of its merger with GBE, Peters served as the Executive Vice President and Chief Financial Officer of Triple Net Properties, Inc. from September 2004 to November 2006.
From April 2006 to 2007, Peters served as a director of NNN Apartment REIT, Inc.
Peters served as President and Chief Executive Officer of G REIT, Inc. from 2005 to 2006, having previously served as the company’s Executive Vice President and Chief Financial Officer from September 2004.
From February 1997 to February 2007, Peters served as Senior Vice President, Chief Financial Officer and a director of Golf Trust of America, Inc. (now known as Pernix Therapeutics Holdings, Inc. (NYSE MKT LLC: PTX)), a publicly traded REIT.
From 1992 through 1996, Peters served as Executive Vice President and Chief Financial Officer of the Pacific Holding Company in Los Angeles. From 1988 to 1992, Peters served as Senior Vice President and Chief Financial Officer of Castle & Cooke Properties, Inc.
Peters received a B.B.A. degree in Accounting and Finance from Kent State University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Scott Peters’s move on a scale of 0 to 10.
exechange reached out to Healthcare Trust and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2021 ($).