Scott White, chairman and CEO of Fishers, IN-based healthcare real estate company Invesque, will step down from the CEO role effective May 10, the company has announced. He will be succeeded by Chief Financial Officer and Executive Vice President of Investments Adlai Chester.
White, who became CEO of the company in January 2017 and board chairman in March 2019, will remain board chairman and also will serve the company as an adviser. During his tenure at the helm, the company changed its name from Mainstreet Health Investments.
Chester also has been with Invesque since 2017 and has more than 20 years of finance, real estate, investment, development and capital markets experience, according to the company. He currently is a director on the company’s board.
Senior Vice President of Finance Quinn Haselhorst will succeed Chester as CFO, Invesque reported. A certified public accountant, Haselhorst has been part of the Invesque team since its formation in 2015 and has 15 years of accounting and finance experience, the majority of which has been spent in the healthcare real estate industry, the company said.
The news comes one month after a company owned by Chester boosted the CFO’s financial interest in Invesque by acquiring 16.98 million shares of stock common from insurance holding company Tiptree for $625,000. The transaction was completed April 30.
Chester owned or controlled 212,907 common shares of Invesque as of March 29, according to the company. After the Tiptree acquisition, Chester’s IVQ Stock Holding Company and Chester himself collectively own approximately 17.1 million common shares, representing approximately 30.59% of the outstanding common shares of the company.
Board changes
Invesque also announced its intentions to reduce the size of its board before its annual general meeting on June 20. Randy Maultsby, who was Tiptree’s nominee on the board until it sold all of its shares in Invesque, has resigned as a director.
Invesque expects that Gail Steinel, a current board member and audit committee chair, will assume the role of lead independent director. In addition to White as chairman and Steinel as lead independent director, nominations expected to be voted on by stakeholders at the annual general meeting include Chester, Brad Benbow and Shaun Hawkins as directors.
Over the past few years, Invesque has been pruning its portfolio of skilled nursing properties and now has a portfolio consisting primarily of private-pay senior living communities. Management services are provided through Commonwealth Senior Living, which Invesque acquired in 2019.
