Prominent real estate investor and Republican Party fundraiser Ted Welch is retiring from the board of National Health Investors after 22 years.
Welch helped launch the real estate investment trust specializing in senior living properties in 1991 and is one of its three independent directors. The 79-year-old owns almost $7 million of NHI shares (Ticker: NHI), which have risen 35 percent in the past year.
The board has named Murfreesboro accountant James Jobe the candidate to take Welch's seat at the table later this spring. Jobe, 51, is one of two partners at Jobe Hastings & Associates and a specialist in working with health care and long-term care providers. He served as a director of National Health Realty from the spring of 2006 — when he took over from his late father — until that company was merged into National HealthCare Corp. in late 2007.
And while Welch is stepping down from a full-time role at NHI, he's planning to stick around in a consulting role.
"The other directors would like to continue to draw upon Mr. Welch's vast knowledge and experience and have therefore requested that Mr. Welch continue to serve the Company as a director emeritus in an advisory and non-voting capacity, which Mr. Welch has agreed to do," NHI's proxy reads.
Welch will receive $2,000 for every board meeting he attends as director emeritus. He earned almost $117,000 in his full-time role in 2012.