NEW GLASGOW (NS), February 22, 2023 /CNW/ – Crombie Real Estate Investment Trust ("Crombie") (TSX.UN: CRR.UN), today announced that Don Clow, who has been the CEO of Crombie for 13.5 years, will be retiring as President and Chief Executive Officer ("CEO") on February 28, 2023. The Board of Trustees of Crombie appointed Mark Holly President and CEO. On March 1, 2023 Mr. Holly will take over his new role and will also be appointed Trustee to the REIT.
"On behalf of our Board of Trustees I would like to express our sincere gratitude to Don who has transformed Crombie into a strategic owner/developer of grocery-anchored retail and retail-related industrial properties throughout Canada," said Michael Knowlton, Board Chair. "Unitholder total returns have been sector-leading over the past three, five, and ten years under Don's leadership. His departure from the REIT has left it in a much stronger position than when Don arrived. This has allowed us to embark on the next leg.
Don Clow says, "I have had the honor of serving as Crombie’s President and CEO for almost 14 years." "During my time at Crombie I have worked with a group of caring, high-performing people who are extremely dedicated to their work as well as the communities where they operate. Five years ago, we established a strategic goal to complete six major development projects. We also maintained our commitment to a strong portfolio, a strong balance sheet and a strengthened relationship with Empire, our strategic partner. These goals have been achieved and now it's time to find a new leader who will set the direction for the future. Mark is a highly experienced and well-rounded real estate executive. He is a team player and values the culture and team that Crombie has built. "I look forward to supporting Crombie's success over the next few years."
Today's announcements are the result of a thorough review of senior management structures and succession planning that was initiated by Board of Trustees 2021. The Board of Trustees hired a top talent advisory firm to help in the identification and evaluation of CEO succession candidates. Mr. Holly was able to identify this talent through his extensive real estate experience.
"Mark is a strong strategic leader who has a track record of over 20 years in real-estate development, operations, capital management. We are delighted to announce that he will be joining Crombie as our next President & CEO. Knowlton says that Knowlton is a respected industry leader who is a great communicator, collaborator, and relationship builder. He also has extensive knowledge of the entire real-estate development cycle. Mark joins us from Empire where he was the head of the real estate company and worked closely with Crombie's executive leadership team on several successful initiatives that generated significant value for both companies. His extensive experience in leading major projects at TACC, Empire, Tim Hortons, Restaurant Brands International ("RBI") and Empire will help unlock substantial value from the REIT’s deep pipeline of 27 projects. This will allow Crombie to continue its successful strategy of building quality real estate that improves local communities and creates long-term growth.
Mark started his career at TACC Developments where he was responsible for industrial and commercial development. He joined the TDL Group (Tim Hortons), and then RBI in 2006. There he managed real estate strategy and increased store count by 50%. As President of Restaurant Development Partners in Minnesota, Mark joined the company in 2016. He was promoted to the Empire Executive Committee in 2018 and became Senior Vice President, Real Estate at Empire. He developed a transformative real estate strategy and a new capital management committee. He also designed Empire's 10-year execution plan to reach its Climate Action Plan targets. He led the realty team that successfully integrated Farm Boy and Longo's, and he worked closely with Crombie in creating a true partnership between these two companies.
Mark Holly, Crombie's incoming President and CEO, says that Crombie has a remarkable track record of delivering results for tenants, developers partners, employees, and Unitholders. He is also a great leader and I couldn't be more excited about joining this winning team." "I've been fortunate to have worked closely with Crombie’s executive team over the past five-years, which has allowed me to gain a better understanding of the strategy and culture. I couldn't believe the possibilities that lie ahead.
Mr. Clow will continue to serve as a Strategic Advisor in support of a smooth transition.
About Crombie REIT
Crombie is a real estate investor that supports local communities and long-term sustainable growth. Crombie is one of Canada's most prominent owners, operators and developers of high-quality real estate. Its portfolio includes residential and commercial properties in Canada's best urban and suburban areas. Our portfolio includes 289 income-producing properties, approximately 18.4 Million square feet, and a substantial pipeline of potential development projects. Find out more at URL.
This press release contains forward looking statements. They reflect management's current expectations about Crombie’s future performance, results, achievements, prospects and opportunities. These forward-looking statements are identified wherever possible by words like "may"," "will", estimate", "anticipate", believe", "expect", and similar expressions. This document contains forward-looking statements about the expected timing of management changes as well as the potential to unlock value from Crombie’s pipeline of development project projects. These statements are based upon current beliefs and information available to Crombie's management. Forward-looking statements are subject to known and unknown risks. There are many factors that could affect actual results, performance and achievements. These factors must be carefully considered and the forward-looking statements should not be relied upon without careful consideration. Crombie cannot guarantee that Crombie's expectations will prove correct and that Crombie's actual results will match these forward-looking statements.
SOURCE Crombie REIT
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