- After about two and a half years in the position
- Christopher Bilotto taking over
(exechange) — Newton, Massachusetts, November 17, 2023 — Jennifer Francis, chief executive of Diversified Healthcare, leaves her position. As announced by Diversified Healthcare Trust in a news release on Friday, November 17, 2023, Jennifer F. Francis leaves her post as chief executive officer at the real estate investment trust, after about two and a half years in the role, effective December 31, 2023.
Generally speaking, it raises questions when a CEO leaves her post at short notice and after a short tenure.
Jennifer Francis’s duties as CEO will be taken over by Christopher Bilotto, currently Executive Vice President at The RMR Group.
No reason given
In the announcement, Diversified Healthcare did not explicitly explain the reason for the move.
Precise information regarding Jennifer Francis’s future plans was not immediately available.
Diversified Healthcare said: “Mr. Bilotto succeeds Jennifer Francis who is retiring from RMR on July 1, 2024 and therefore resigning from her executive officer positions at DHC and RMR, effective December 31, 2023.”
Share price increase since November 2022
The announcement follows an increase in Diversified Healthcare Trust’s share price of 54% since November 2022.
In the position of CEO since 2021
Jennifer Francis became CEO of the Company in 2021.
Francis has been a member of DHC senior management since 2018 and a Managing Trustee of DHC since 2021.
Francis will continue as a Managing Trustee of DHC.
Francis has been the Company’s Managing Trustee, President and Chief Executive Officer since 2021.
She was President and Chief Operating Officer from 2018 to 2021.
Francis is Executive Vice President of The RMR Group LLC and is also responsible for asset management and leasing activities at all RMR managed properties.
Prior to joining RMR in 2006, Francis was a Partner at CBRE/NE Partners, where she performed brokerage and corporate advisory services for a number of large corporate clients on their national commercial real estate portfolios.
Previously, Francis was a Vice President at The Gunwyn Company where she was responsible for the asset management of a portfolio of commercial, retail and residential assets.
Francis has over 30 years of experience working in the commercial real estate industry.
She is on the Executive Board of the American Seniors Housing Association (ASHA), a member of the National Association of Industrial and Office Properties (NAIOP) and a member of the Commercial Real Estate Women (CREW).
No statement by Jennifer Francis
The announcement of her departure as CEO does not include a statement by Jennifer Francis.
Push-out Score for Jennifer Francis’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Jennifer Francis was pushed out or felt pressure to leave her position.
exechange reached out to Diversified Healthcare and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 47.2023 ($).