NEW GLASGOW, NS, Nov. 15, 2018 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN), today announced changes to its leadership structure to optimize the Company's focus on, and execution of, its real estate and financial priorities. These changes will enable continued delivery of strong operating performance and the successful execution of Crombie's significant mixed use development program.
This renewed leadership structure aligns talent with Crombie's strategic priorities, emphasizing national leadership roles to optimize focus and efficiency. Crombie's realigned executive leadership team includes:
Donald Clow, President and Chief Executive Officer
Glenn Hynes in the newly created role of Executive Vice President and Chief Operating Officer (COO) with national oversight of operations, leasing, development and construction
Cheryl Fraser, Chief Talent Officer and Vice President Communications
John Barnoski, Senior Vice President Corporate Development
Chief Financial Officer and Secretary, to be appointed
The transition to a national structure realigns responsibilities that currently exist regionally. Trevor Lee, Senior Vice President Western Canada, has been appointed to the newly created role of Senior Vice President Development and Construction. Scott MacLean, Senior Vice President Eastern Canada, will retire in January 2019 after 25 years with the company. In connection with the realignment, Crombie will be conducting searches to identify a new Chief Financial Officer and a Senior Vice President National Leasing and Operations (a newly created position). Until a new Chief Financial Officer is appointed, Glenn Hynes will continue in this capacity in addition to his role as Chief Operating Officer.
"Crombie is in an enviable position in the Canadian real estate market. We have dedicated and skilled talent, a thriving tenant base, and 'great dirt'," said Don Clow, President and CEO. "Over the past two years, we implemented the changes that were necessary to enable Crombie to transition to a national structure with added analytical capacity, advanced systems, and stronger capital allocation skills, tools and talent. We continue to be strong operators, achieving record committed occupancy, while also focusing on our substantial major development opportunities. With a national leadership structure aligned to maximize these opportunities, I am excited about Crombie's future."
Crombie Real Estate Investment Trust ("Crombie") is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie is one of the country's leading national retail property landlords with a strategy to own, operate and develop a portfolio of high quality grocery and drug store anchored shopping centres, freestanding stores and mixed use developments primarily in Canada's top urban and suburban markets. More information about Crombie can be found at www.crombiereit.com.
This news release contains forward-looking statements that reflect the current expectations of management of Crombie about Crombie's future results, performance, achievements, prospects and opportunities. Wherever possible, words such as "may", "will", "estimate", "anticipate", "believe", "expect", "intend" and similar expressions have been used to identify these forward-looking statements, which include statements regarding the intended effects of the renewed leadership structure. These statements reflect current beliefs and are based on information currently available to management of Crombie. Forward-looking statements necessarily involve known and unknown risks and uncertainties. A number of factors, including Crombie's ability to attract suitable candidates for vacant management positions, the ability of existing executives to transition effectively to new roles and those discussed in the 2017 annual Management Discussion and Analysis under "Risk Management", could cause actual results, performance, achievements, prospects or opportunities to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and a reader should not place undue reliance on the forward-looking statements. There can be no assurance that the expectations of management of Crombie will prove to be correct.
SOURCE Crombie REIT
For further information: Media Contact, Glenn Hynes, FCPA, FCA, Executive Vice President, Chief Operating Officer, Chief Financial Officer and Secretary, Crombie REIT, (902) 755-8100; Claire Mahaney Lyon, CFA, MFM, Manager, Investor Relations, Crombie REIT, (902) 474-6670