DRI Healthcare Trust CEO sacked after investigation, units collapse

TORONTO — Shares of DRI Healthcare Trust fell nearly 30 percent after the trust fired its chief executive officer and suspended its chief financial officer amid an investigation into irregularities related to certain alleged consulting and other expenses.

DRI says the Board has requested and enforced the immediate resignation of Behzad Khosrowshahi from the Board and from his position as CEO of the Trust. Khosrowshahi also resigned as CEO of DRI Healthcare, the Trust’s manager.

The pharmaceutical royalty trust said Chris Anastasopoulos had also been suspended as chief financial officer until the investigation was completed, while retaining his salary.

Gary Collins, Chief Executive, has been appointed interim CEO of the Trust, while Ali Hedayat has been appointed interim CEO of DRI Healthcare, the Trust’s manager.

Sandy Kwan has been appointed interim Chief Financial Officer of the Trust and DRI Healthcare.

The trust’s shares fell $4.24 to $11.00 in late morning trading on the Toronto Stock Exchange.

This report by The Canadian Press was first published July 8, 2024.

Companies in this story: (TSX:DHT.UN)

The Canadian Press