James F. Flaherty III has resigned as vice chairman and board member of NorthStar Healthcare Income, dramatically scaling back his involvement in the real estate investment trust he initially joined as president and CEO two years ago.
Flaherty’s resignation was effective immediately as of Feb. 9, according to an 8-K filing. The decision was personal and not due to any disagreement related to operations, policies, or practices, and Flaherty will continue to provide investment and other services through the investment committee of Northstar Healthcare’s advisor.
Prior to joining NorthStar, Jay Flaherty became one of the senior housing industry’s most high-profile and influential leaders as Chairman and CEO of HCP Inc. (NYSE: HCP). Under his leadership, the REIT’s market capitalization grew from approximately $2 billion in 2013 to more than $20 billion in 2013. After HCP’s board ousted him in 2013, seeking a change in leadership style, Flaherty forged a partnership with New York City-based NorthStar Realty Finance (NYSE: NRF).
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