LTC Properties (NYSE: LTC) has appointed Pam Kessler and Clint Malin to the roles of co-CEO, with current CEO Wendy Simpson stepping back from the role as the company’s top leader. Kessler and Malin are keeping their current titles as co-presidents of the company.

Kessler currently serves as CFO, while Malin is Chief Investment Officer for LTC. The appointments are part of a succession plan from LTC Properties and are slated to go into effect Dec. 31.

Simpson is stepping back from her role as CEO to become executive chairman of the LTC Properties board of directors. The Westlake Village, California-based real estate investment trust (REIT) also named Cece Chikhale to the role of CFO. Chikhale has been LTC’s chief accounting officer since 2020 and has been controller and treasurer since 2007. She originally joined LTC in 2002 as an accounting manager and since served in the roles of assistant controller and assistant treasurer; Chikhale retains her roles as principal accounting officer and treasurer.

LTC is conducting a search for a new Chief Investment Officer to succeed Malin, who will retain that role until a successor is named. It’s unclear what the timeline would be for that process.

Simpson, 75, joined LTC in 2000 and has led it since 2007. Her roles over the years have included vice Chairman, president, CFO, treasurer and COO.

Kessler and Malin ascended to their current roles as co-presidents in 2020. Kessler first joined the company in 2000 as controller, while Malin joined LTC in 2004 as chief investment officer.

“Pam, Clint and Cece all are longtime proven executives with LTC, and are assuming expanded responsibilities in recognition of the significant contributions they have collectively made to LTC over the last two decades,” Simpson noted in a press release about the appointment. “Their combined experience will serve us well as LTC enters a new phase of growth through ongoing investments and the addition of a RIDEA structure to our business.”

LTC’s investment portfolio consists of approximately 50% skilled nursing and 50% seniors housing, with a total of 189 properties in 25 states; LTC works with 29 operating partners.

This is a developing story and will be updated.

Tim Regan, editor for Senior Housing News, contributed to this story.