- After less than four months in the position
- Yael Duffy taking over
(exechange) — Newton, Massachusetts, November 20, 2023 — Chris Bilotto, chief executive of Office Properties, leaves his position. As announced by Office Properties Income Trust in a news release published on Friday, November 17, 2023, and in a regulatory filing published on Monday, November 20, 2023, Christopher J. (Chris) Bilotto leaves his post as chief executive officer at the REIT, after less than four months in the role, effective December 31, 2023.
Generally speaking, it raises questions when a CEO leaves his post at short notice and after a short tenure.
Chris Bilotto’s duties as CEO will be taken over by Yael Duffy, most recently senior vice president at The RMR Group LLC, as President and Chief Operating Officer.
Career change
The management change is explained as follows. Office Properties stated: “Ms. Duffy succeeds Christopher Bilotto who has been elected President and Chief Executive Officer of Diversified Healthcare Trust (Nasdaq: DHC), effective January 1, 2024.”
Diversified Healthcare is a real estate investment trust (REIT).
RMR Group manages both DHC and Office Properties Income Trust.
On September 1, 2023, Diversified Healthcare Trust (Nasdaq: DHC) and Office Properties Income Trust (Nasdaq: OPI) announced that they have mutually agreed to terminate their previously announced merger agreement dated April 11, 2023, pursuant to which OPI had agreed to acquire all outstanding common shares of DHC.
“Resigned”
Office Properties said: “Ms. Duffy will replace Christopher J. Bilotto who has resigned as our President and Chief Executive Officer, effective December 31, 2023, and who has been appointed as president and chief executive officer of Diversified Healthcare Trust, effective January 1, 2024.”
Share price decline since November 2022
The announcement follows a decline in Office Properties Income Trust’s share price of 65% since November 2022.
In the position of CEO since 2023
Chris Bilotto became CEO of the Company in 2023.
Christopher Bilotto has been appointed President and Chief Executive Officer, effective October 1, 2023.
Bilotto has been the Company’s President since 2021 and the Company’s Chief Executive Officer since 2023.
Bilotto is also Executive Vice President of The RMR Group and is responsible for portfolio management oversight for all properties managed by RMR and is also responsible for development and redevelopment across the United States.
Prior to joining RMR in 2011, Bilotto worked at General Growth Properties (NYSE: GGP) in various management roles for shopping malls and mixed-use assets in New Mexico, Arizona and California.
Bilotto has 15 years of experience working in the commercial real estate industry, specializing in asset management, leasing and development.
Bilotto earned a Bachelor’s degree in Financial Management from the University of New Mexico and is an active member of the National Association of Office and Industrial Properties.
No statement by Chris Bilotto
The announcement of his departure as CEO does not include a statement by Chris Bilotto.
Push-out Score for Chris Bilotto’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Chris Bilotto was pushed out or felt pressure to leave his position.
exechange reached out to Office Properties and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 48.2023 ($).