DRI Healthcare Trust CEO ousted after investigation, units plunge nearly 30 per cent

By The Canadian Press on July 8, 2024.

TORONTO – Units of DRI Healthcare Trust sank nearly 30 per cent after the trust removed its chief executive and suspended its chief financial officer as a result of an investigation of irregularities related to certain alleged consulting and other expenses.

DRI says 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, manager of the trust.

The pharmaceutical royalty trust says Chris Anastasopoulos has also been suspended with pay as chief financial officer, pending the outcome of the investigation.

Gary Collins, chair of the board, has been appointed interim CEO of the trust, while Ali Hedayat has been named interim CEO of DRI Healthcare, manager of the trust.

Sandy Kwan has been appointed as interim chief financial officer of both the trust and DRI Healthcare.

Units in the trust closed down $4.07 at $11.17 Monday on the Toronto Stock Exchange on Monday.