UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 16, 2023, Emmett E. McLean notified the Board of Directors (the “Board”) of Medical Properties Trust, Inc. (the “Company”) of his intent to retire as Executive Vice President, Chief Operating Officer, and Secretary of the Company, effective September 1, 2023. The decision of Mr. McLean, who turns 68 years old this year, to retire is not the result of any dispute or disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Through the date of his retirement, Mr. McLean will be entitled to continue to receive his current salary and to participate in the bonus and employee benefit plans of the Company in which he currently participates. In addition, in connection with Mr. McLean’s retirement, the Board approved (i) the accelerated vesting of 615,743 outstanding restricted stock awards previously granted to Mr. McLean, and (ii) the acceleration of $769,762 in catch-up dividend payments due to Mr. McLean, in each case subject to Mr. McLean’s continued service through the date of his retirement and the execution by Mr. McLean of a customary general release of claims and non-compete in favor of the Company.
The Company does not anticipate immediately naming a new Chief Operating Officer.
| Item 7.01 | Regulation FD Disclosure. |
On February 23, 2023, the Company issued a press release announcing the retirement of Mr. McLean as Executive Vice President, Chief Operating Officer, and Secretary, described in Item 5.02 above. A copy of the press release is furnished herewith as Exhibit 99.1. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, attached hereto, is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description | |
| 99.1 | Press Release dated February 23, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized.
| MEDICAL PROPERTIES TRUST, INC. | ||
| By: | /s/ R. Steven Hamner | |
| Name: | R. Steven Hamner | |
| Title: | Executive Vice President and Chief Operating Officer | |
Date: February 23, 2023
Exhibit 99.1
| Contact: Drew Babin, CFA, CMA | ||
| Senior Managing Director of Corporate Communications | ||
| Medical Properties Trust, Inc. | ||
| (646) 884-9809 | ||
| dbabin@medicalpropertiestrust.com |
CO-FOUNDER EMMETT E. MCLEAN TO RETIRE AS MEDICAL PROPERTIES TRUST EXECUTIVE VICE PRESIDENT, CHIEF OPERATING OFFICER AND SECRETARY
Birmingham, AL – February 23, 2023 – Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE: MPW) today announced that Emmett E. McLean, Executive Vice President, Chief Operating Officer and Secretary, will retire from the Company effective September 1, 2023, after more than 20 years of service.
McLean turns 68 this year and plans to spend more time with his wife Catherine and family, which includes three adult children, their spouses, and two grandchildren. One of the original three founders of MPT in 2003, McLean has been an integral part of the Company’s success, overseeing the Asset Management and Underwriting, Human Resources, and IT departments for much of his time with MPT. He established numerous organizational procedures in these departments and throughout the Company that have proven to be effective. He has also been instrumental in MPT’s employee recruitment and retention programs including the introduction of various employee benefit programs. McLean has served as chair of the Company’s Charity Committee since its inception.
“Emmett brought a wealth of experience to MPT from his career in the health care services industry where he served in senior financial positions and we have all benefited from his expertise,” said Edward K. Aldag, Jr., MPT’s Chairman, President, and Chief Executive Officer. “Beyond his organizational and management skills, Emmett is a great man with a servant’s heart. He delights in giving back to his community and his contributions to Birmingham and its surrounding areas are immeasurable.”
McLean is currently a member of the boards of the Alabama Symphony Orchestra, Ronald McDonald House Charities of Alabama, Smile-A-Mile, Greater Alabama Council - Boy Scouts of America, UAB Athletics Foundation, United Way of Central Alabama, UAB Arts, Mike Slive Foundation, Rotary Club of Birmingham Foundation, and The World Games 2022 Birmingham. He has chaired numerous charitable fundraising events in the Greater Birmingham metro area and this past year served as the 2022 Annual Campaign Chair for the United Way of Central Alabama.
About Medical Properties Trust, Inc.
Medical Properties Trust, Inc. is a self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities. From its inception in Birmingham, Alabama, the Company has grown to become one of the world’s largest owners of hospital real estate with 444 facilities and approximately 44,000 licensed beds in ten countries and across four continents. MPT’s financing model facilitates acquisitions and recapitalizations and allows operators of hospitals to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. For more information, please visit the Company’s website at www.medicalpropertiestrust.com.
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