Leadership changes follow an investigation into expense irregularities
Units of DRI Healthcare Trust dropped nearly 30 percent after the trust made significant executive changes.
An investigation into irregularities involving consulting and other expenses led to the removal of the chief executive and suspension of the chief financial officer, as reported by BNN Bloomberg.
The board of trustees demanded and received the immediate resignation of Behzad Khosrowshahi from the board and as CEO of the trust. Khosrowshahi also resigned as CEO of DRI Healthcare, which manages the trust.
Chris Anastasopoulos, the chief financial officer, was suspended with pay pending the investigation’s outcome.
Gary Collins, chair of the board, has been appointed as the interim CEO of the trust, while Ali Hedayat will serve as the interim CEO of DRI Healthcare. Sandy Kwan has been appointed as the interim chief financial officer for both the trust and DRI Healthcare.
On Monday, units of the trust closed at $11.17, down $4.07, on the Toronto Stock Exchange.
