After more than 17 years at the helm of LTC Properties, Wendy Simpson is stepping down as CEO and will become Executive Chairman. Replacing her at the top will be two seasoned LTC executives. Current co-Presidents Clint Malin and Pam Kessler will be co-CEOs of the REIT. They already have a close working relationship so the transition should be smooth. Pam joined LTC in 2000 and became CFO in 2007. Clint joined the company in 2004 as Chief Investment Officer. Cece Chikhale has been promoted to CFO after serving as Controller and Treasurer since 2007, and Chief Accounting Officer since 2020. She joined the company in 2002. This is a seasoned management team if we have ever seen one, and a great transition for Wendy.
Wendy has been a respected leader in the world of healthcare REITs and did an exceptional job navigating the company through the ups and downs of the pandemic when tenants struggled with rent payments. She also has been instrumental in changing the focus from skilled nursing to seniors housing in the portfolio, as well as working toward expanding the REIT’s SHOP portfolio for seniors housing.
She was always known for being firm but fair. As an example, when LTC’s leases with Brookdale Senior Living were up for renewal, she did not cave to the pressure to lower the rents and decided to walk away, only to have Brookdale return after the expiration and agree to terms more favorable to LTC.
In her transition to Executive Chairman, we are sure her influence will be felt for many years. But are also sure she is looking forward to a well-deserved full retirement in the distant future. We wish her good fortune, and look forward to working with Clint, Pam and Cece. And Wendy, we will also make sure to keep in touch.
