STELLARTON, NS, June 30 /CNW/ - Crombie Real Estate Investment Trust
("Crombie") (TSX: CRR.UN) announced today that it has appointed Donald E.
Clow, FCA as its new President and Chief Executive Officer effective August 6,
2009. Mr. Clow replaces J. Stuart Blair who announced on April 24, 2009 his
intention to retire after a career of more than 30 years in the Canadian real
estate industry and more than 20 years with Crombie REIT and its predecessors.
Mr. Blair's retirement as Crombie's President and Chief Executive Officer, as
well as from Crombie's Board of Trustees, will be effective on August 5, 2009.
Mr. Clow brings a wealth of financial and business experience to Crombie
REIT, most recently as President, ECL Developments Limited, the real estate
development subsidiary of Empire Company Limited. Previous to Empire, he held
various executive positions with Southwest Properties Group of Companies in
Halifax evolving to the position of President and Chief Operating Officer, a
position he held for seven years.
Mr. Clow graduated from Acadia University, Bachelor of Business
Administration, and earned his CA designation with KPMG. In addition to
leadership programs at the Harvard Business School and the University of
Western Ontario Ivey School of Business, he was designated a Fellow Chartered
Accountant in 2002.
Frank Sobey, Chairman of the Board, stated that he anticipates a
transition period of approximately one month during which time Donnie Clow
will work closely with Stuart Blair. On August 6, 2009 Donnie will officially
start reporting to the Board of Trustees and assume responsibility for the
overall leadership, strategic direction and business performance of Crombie
Crombie is an open-ended real estate investment trust established under,
and governed by, the laws of the Province of Ontario. The trust invests in
income-producing retail, office and mixed-use properties in Canada, with a
future growth strategy focused primarily on the acquisition of retail
properties. Crombie currently owns a portfolio of 113 commercial properties in
seven provinces, comprising approximately 11.2 million square feet of rentable
Additional information relating to Crombie can be found on Crombie's web
site at www.crombiereit.com or on the SEDAR web site for Canadian regulatory
filings at www.sedar.com.
For further information:
For further information: Scott Ball, C.A., Vice President, Chief
Financial Officer and Secretary, Crombie REIT, (902) 755-8100