- Signs for push-out forces
- After almost six years on the job
- Jackson Hsieh taking over
(exechange) — Dallas, Texas, May 08, 2017 — Tom Nolan, chief executive of Spirit, leaves. It is an abrupt change. As announced by Spirit Realty Capital, Inc. in a news release and in a regulatory filing published on Monday, May 08, 2017, Thomas H. (Tom) Nolan leaves the post as Chief Executive Officer at the real estate investment trust in a surprising move after almost six years on the job, effective immediately.
Nolan’s duties are taken over by Jackson Hsieh, most recently Chief Operating Officer at Spirit Realty Capital, Inc.
“Focus on improving Spirit’s operating capabilities”
A reason for the sudden change was not explicitly given. Richard I. Gilchrist, Lead Independent Director of the Company, said: “Elevating Jackson at this critical time reflects the Board’s continued focus on improving Spirit’s operating capabilities.”
Precise information about the future plans of Nolan was not immediately available.
Spirit said: “Thomas H. Nolan, Jr., Chief Executive Officer, will depart from the Company, effective as of May 8, 2017, and concurrently resign from the Board.”
Share price decline
The change follows a sharp decline in the share price of Spirit Realty Capital, Inc. since May 04, 2017.
On the job as CEO since 2011
Thomas H. Nolan, Jr. served as the Chief Executive Officer and Chairman of Spirit Realty Capital, Inc. since September 2011.
Nolan joined Spirit in September 2011 and served as Chairman of the Board and Chief Executive Officer of the company.
Prior to joining Spirit, Nolan worked for General Growth Properties, Inc. (GGP) serving as a director for 6 years and as President and Chief Operating Officer for the last 2 years while at GGP.
Nolan was a member of the senior management team that led GGP’s reorganization and emergence from bankruptcy, which included the restructuring of project-level debt, payment in full of all of GGP’s pre-petition creditors and the securing of equity commitments.
Prior to his work with GGP, Nolan served for 4 years as a Principal and Chief Financial Officer of Loreto Bay Company, the developer of the Loreto Bay master planned community in Baja, California.
For over 20 years, Nolan held various financial positions with AEW Capital Management, L.P., a national real estate investment advisor, and he spent the last 6 of those years as Head of Equity Investing and as President and Senior Portfolio Manager of The AEW Partners Funds.
Nolan earned a BA in Business Administration from the University of Massachusetts.
Signs for push-out forces
It is not completely certain what forces eventually triggered Tom Nolan’s sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 20.2017 ($).