Crombie REIT's development project, Le Duke. (Photo: Crombie REIT)Crombie REIT's development project, Le Duke. (Photo: Crombie REIT)

Crombie REIT has announced a slew of changes in its leadership team.

The changes have been done to ensure that it can continue delivering a strong operating performance, and execute its mixed-use development program, said the REIT.

Among the changes include the appointment of Donald Clow, as President and Chief Executive Officer, and the establishment of a Executive Vice President and Chief Operating Officer (COO) position that will be helmed by Glenn Hynes.

The new role will ensure national oversight of operations, leasing, development and construction, said Crombie REIT.

Other changes are namely the appointment of Cheryl Fraser as Chief Talent Officer and Vice President Communications, John Barnoski as Senior Vice President Corporate Development.

Trevor Lee, Senior Vice President Western Canada, has been appointed to the newly created role of Senior Vice President Development and Construction, while 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 the newly created role of Senior Vice President National Leasing and Operations.

Until a new Chief Financial Officer is appointed, Glenn Hynes will continue in this capacity in addition to his role as Chief Operating Officer, said the REIT.

"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”, said Clow.

“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”, he added.

Crombie REIT was last done on the Toronto Stock Exchange at CAD13.20.


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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.