Welltower Names New Vice Chairman, Co-presidents, Bolstering ‘next Generation’ Of Leadership

Welltower (NYSE: WELL) has elevated COO John Burkart to the role of vice chairman and named Nikhil Chaudhri and Tim McHugh as co-presidents, among other executive appointments.

The Toledo, Ohio-based real estate investment trust (REIT) announced the moves Thursday.

Burkart, who has worked as Welltower’s COO since 2021, is a driving force behind the management platform the REIT is using to “modernize” its senior housing operations. Before his promotion Thursday, Burkart worked as executive vice president in addition to his role as COO.

Chaudhri and McHugh, both former executive vice presidents, are ascending to the role of co-president. They are slated to maintain their roles of chief investment officer and chief financial officer, respectively.

With the promotions, Welltower is advancing a new trend of co-leadership positions in the senior living industry. Another recent example of that trend includes LTC Properties (NYSE: LTC), which in December named two new co-CEOs.

Chaudhri joined Welltower as an associate almost 10 years ago. The REIT named him co-head of U.S. investments in 2020 and chief investment officer in 2023. According to the REIT, he oversees approximately $11 billion of global capital deployment across all of the company’s property types and manages the REIT’s recruitment, training and development, and management program.

McHugh in his new role will continue to handle Welltower’s finance, capital market, financial planning and analysis, budgeting, capital planning, tax and accounting duties. He also will continue to work with Burkart on the company’s operating platform. McHugh joined the company in 2016 and rose to the position of chief financial officer in 2019.

According to Welltower, he has “led an unparalleled strengthening of the company’s balance sheet,” resulting in the REIT“maintaining exceptional levels of liquidity and the strongest leverage metrics amongst all large cap REITs.”

“The transformation of Welltower and the progress we have made over the past decade would not have been possible without the dedication, contribution and impact of the individuals being recognized today,” Welltower CEO Shankh Mitra said in the release. “These promotions reflect their exceptional leadership as they embody the unique culture we have created. The cultivation of the next generation of talent at the firm will add further duration to our dogged pursuit of long-term compounding of per share growth for our owners.”

The REIT also promoted Matthew McQueen, former executive vice president and general counsel, to the role of chief legal officer. McQueen has been “instrumental” in the REIT’s growth and has advised the REIT “on a range of complex global transactions, overall strategic direction and human capital” in addition to overseeing capital markets activities, risk management and governance related matters. John Olymptis, former senior vice president and head of corporate development, also ascended to the executive vice president role in which he will continue to lead corporate development. He currently leads Welltower’s business development and relationship management functions and works with “Welltower’s most important operating partner relationships.”

Welltower named Edward Cheung to the role of executive vice president of international investment. He previously was senior vice president of international investments. Cheung joined Welltower in 2019 and oversees the company’s offices in Toronto and London. According to the REIT, he is “responsible for the transformation and substantial growth of Welltower’s Canada and UK businesses, through numerous value-enhancing transactions across the capital stack.”

Rounding out the REIT’s executive promotions was Patrick Keppenne, who ascended to senior vice president of investments from a previous role of vice president of investments. Since joining Welltower as associate in 2018, Keppenne has led “critical equity, debt, and mezzanine transactions spanning the seniors housing, wellness housing and post-acute sector.”

“While we are proud of our accomplishments and track record under the current management team, there is no complacency at Welltower and our journey is just getting started,” Mitra said in the release. “Our world-class team is all-in and we continuously seek to optimize growth within our existing businesses, evaluate new ventures and business opportunities, and pursue investments with superior returns, lower risk, and long duration.”

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