The real estate investment trust, based in Newton, MA, revealed that President and CEO Jennifer Francis would step down from her roles at Diversified Healthcare Trust (DHC) and The RMR Group on December 31, retiring from RMR on July 1. Christopher Bilotto, currently an Executive Vice President at The RMR Group and the President and COO of Office Properties Income Trust (OPI), will succeed her at DHC on January 1.
Both DHC and OPI are under the management of The RMR Group, headquartered in Newton, MA. RMR also oversees AlerisLife, the parent company of Fire Star Senior Living, a primary operator in DHC’s senior housing operating portfolio.
Francis’ decision follows DHC’s prior announcement regarding board and executive leadership changes after the termination of a proposed merger with OPI in August. In the event of merger approval, Bilotto was intended to lead the combined entities.
Having served as an executive vice president at RMR, Francis has been integral to DHC’s senior management since 2018 and became a managing trustee in 2021. Post-retirement, she will continue as a non-executive employee of RMR and remain a managing trustee at DHC.
Adam Portnoy, President and CEO of RMR Group, commended Francis for her remarkable 17 years of service, acknowledging her significant contributions and mentorship to future leaders within RMR.
Bilotto, in his current role at RMR, oversees portfolio management for various property types and asset management for senior living and hotel properties. Prior to joining RMR in 2011, he held positions at General Growth Properties.
DHC had previously engaged B. Riley Securities as its financial advisor to explore strategies addressing near-term capital needs, including forthcoming debt maturities. During a recent earnings call for the third quarter, CFO and Treasurer Matthew C. Brown highlighted that DHC faces over $700 million in debt due next year but anticipates regaining compliance with debt covenants by the end of 2024.
Have you read?
Largest Hotel Chains in the World, 2023.
Best Residence by Investment Programs for 2023.
International Financial Centers Ranking, 2023.
Best Citizenship by Investment (CBI) for 2023.
The World’s Most Valuable Unicorns, 2023.
Add CEOWORLD magazine to your Google News feed.
Follow CEOWORLD magazine headlines on: Google News, LinkedIn, Twitter, and Facebook.
Thank you for supporting our journalism. Subscribe here.
For media queries, please contact: firstname.lastname@example.org