HCP has announced that its president, Justin Hutchens, will leave the US healthcare REIT to become chief executive of HC-One.

Hutchens will join the UK-based care provider later in the year, remaining in his current role until 1 June to ensure a smooth transition and assist with HCP’s first quarter earnings announcement, the company said. 

HCP has begun a recruitment process for Hutchens’ replacement, with Russell Reynolds Associates leading the search.

Hutchens joined HCP in 2015, serving as executive vice president and chief investment officer, but only became president in January this year. Prior to joining the company, he was president and chief executive of healthcare REIT National Health Investors.

HCP executive chairman Mike McKee commented: "Though we are disappointed to lose such a talented and experienced executive, we are fortunate that Justin has helped build a strong operational infrastructure within HCP, backed by a deep pool of talent that positions us well for future growth. 

“We look forward to continuing to work with Justin, both through the transition and in his new role at our client HC-One, and we wish him every success."

Hutchens said: "While the opportunity to become the chief executive of HC-One is exceptionally exciting to me, this was nonetheless a difficult decision given my extremely rewarding experience at HCP.

"I've been fortunate to work with a management team and board of directors of exceptionally high calibre, and I believe HCP's portfolio has been repositioned to achieve great success.”

Established in 1985, HCP is headquartered in Maryland and invests entirely in healthcare properties.

HealthInvestor reported in February that the company had closed down its UK office, with plans to pull out of its European operations.