- After almost three years on the job
- Praise, thanks and good wishes for McClure
- Bob Kiernan taking over
(exechange) — Bethesda, Maryland, August 14, 2017 — Don McClure, finance chief of Global Medical REIT, leaves. It is an abrupt change. As announced by Global Medical REIT Inc. in a news release and in a regulatory filing published on Monday, August 14, 2017, Donald (Don) McClure has already left the post as Chief Financial Officer at the real estate investment trust company in a surprising move after almost three years on the job, effective August 12, 2017.
No company wants a CFO to flame out in the first years.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 38 percent of the CFOs who departed over the past twelve months left within three years. Overall, the average tenure of those who left was 5.5 years, according to data compiled by exechange.
McClure’s duties are taken over by Bob Kiernan, currently Controller and Chief Accounting Officer at FBR & Co.
The fact that McClure’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Pursuing other opportunities”
The sudden management change is explained as follows. Global Medical REIT said: “Mr. Kiernan will succeed Donald McClure, who is pursuing other opportunities.”
The phrase “pursuing other opportunities” opens the door to speculation.
Precise information about the future plans of McClure was not immediately available.
Global Medical REIT said: “Effective as of August 12, 2017, Global Medical REIT Inc. … removed Donald McClure from his positions as Chief Financial Officer and Treasurer of the Company.”
Chaired by Jeffrey Busch
Global Medical REIT Inc. is chaired by Jeffrey Busch.
CEO: David Young
David Young serves as CEO of Global Medical REIT Inc. Young has served as the Company’s Chief Executive Officer since February 2014 and as a director of the Company since September 2014.
On the job as CFO since 2014
McClure has served as the Company’s Chief Financial Officer since September 30, 2014 and as the Chief Financial Officer of the Company’s advisor since April 2014.
McClure is a real estate business professional, leader, trainer, advisor and entrepreneur.
McClure’s core real estate business experience covers healthcare, residential, office, retail, and industrial asset classes, as well as ground-up development projects.
From 2005 to 2008, McClure served as the accounting manager of Washington Real Estate Investment Trust (NYSE: WRE), the oldest REIT in the country, with an established track record of consecutive dividend distributions.
McClure also served as the CFO/Controller of Quantum Real Estate Management from 2008 to 2014.
McClure brings experience working with the ‘‘Big Four’’ accounting firms, along with many local firms, having been engaged in over 300 client-side quarterly, interim and year-end audits.
McClure holds a Bachelor of Science in Finance from North Carolina A&T State University and a Masters of Business Administration from Keller School of Management.
Read the full story in the exechange report 34.2017 ($).