Non-traded REIT, NorthStar Healthcare Income, Inc. (NorthStar Healthcare), announced today that Ronald J. Jeanneault has been appointed Chief Executive Officer and President of the company and James F. Flaherty III has been elected Vice Chairman of the Board of the company.
Sponsored by NorthStar Asset Management Group, NorthStar Healthcare focuses on managing debt and equity investments in healthcare real estate. Specifically, it invests in the needs-driven, mid-acuity senior housing sector, which includes assisted living, memory care, skilled nursing, and independent living facilities.
Mr. Jeanneault, 46, has played an important role in NorthStar’s healthcare investments since joining the family of companies in March 2012. He has served as Executive Vice President and Head of Asset Management of NorthStar Healthcare as well as the healthcare investment division of NorthStar Realty Finance Corp.
Daniel R. Gilbert, Executive Chairman of NorthStar Healthcare, commented, “We could not be more pleased to announce Ron Jeanneault’s appointment as Chief Executive Officer and President of NorthStar Healthcare. Ron has been instrumental in the success of the Company and in executing its business plan. Ron’s reputation and background in the healthcare industry are best in class and he brings to this role the experience and discipline that will allow the Company to continue to thrive under his leadership. I have worked closely with Ron for a long time and am confident that he is well suited for this role and will drive a tremendous amount of value for our shareholders.”
Having received his Bachelor of Arts degree from the University of Massachusetts, Mr. Jeanneault’s career began as operator of a national rehabilitation center with New Medico Health System, where he spent four years. From July 1994 to June 1999, Mr. Jeanneault was the Director of Residential and Outpatient Programs for the Kennedy Krieger Institute at the Johns Hopkins Medical Institutions. From June 1999 until January 2012, Mr. Jeanneault held several executive leadership roles with Sunrise Senior Living, Inc., most recently as Senior Vice President and Co-Head of Operations. He also spent a number of years at a Johns Hopkins Medical Institution running outpatient programs and developing community based programs for medically fragile children.
“I am extremely excited for the opportunity to lead NorthStar Healthcare.” stated Mr. Jeanneault. He continued, “The Company is well positioned to take advantage of a compelling senior housing and healthcare investment environment and I look forward to working with Jay and the rest of the NorthStar team as we continue to invest capital and manage a high-quality, diversified portfolio of equity and debt healthcare real estate investments.”
In addition, James F. Flaherty III was elected to serve as Vice Chairman of the Board and is no longer NorthStar Healthcare’s Chief Executive Officer and President, effective since November 5, 2014. He will continue to provide investment and other services to NorthStar Healthcare as a member of the investment committees of NorthStar Healthcare’s advisor and sponsor.
Mr. Gilbert commented, “I am also very excited about Jay’s election as Vice Chairman, as this position will allow us to continue to receive the tremendous benefits of his advice and counsel, which are unrivaled in the healthcare industry, while allowing him to concentrate on continuing to drive the unique institutional deal flow that he and his team have been providing to the Company, which sets us apart in the market.”