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Invitation Homes CEO steps down; EPR Properties names Duke Realty CEO to board

This feature presents a weekly rundown of recent significant management and board changes and personnel moves in the North American real estate industry, including U.S. real estate investment trusts and homebuilders.

C-suite changes

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Ron Peltier, chairman of HomeServices of America.
Source: HomeServices of America Inc.

* Invitation Homes Inc. President and CEO Fred Toumi stepped down from the single-family rental REIT following a leave of absence. Co-founder and interim President Dallas Tanner was appointed president, CEO and a board member.

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Jay Willoughby, independent trustee at American Homes 4 Rent.
Source: American Homes 4 Rent

* Extell Development Co. named former Westbrook Partners LLC COO Sush Torgalkar CEO and president of the real estate developer, The Wall Street Journal reported.

* Berkshire Hathaway Inc. affiliate HomeServices of America Inc.'s chairman, Ron Peltier, will step down as CEO of the real estate brokerage, and will be replaced by HSF Affiliates LLC CEO Gino Blefari. HSF Senior Vice President of Business Development and Operations Chris Stuart was named CEO of HSF and president of HSF affiliate Berkshire Hathaway Homeservices Inc. Allan Dalton was promoted to CEO of HSF affiliate Real Living Real Estate LLC from COO.

* Hotel company Red Lion Hotels Corp. appointed Julie Shiflett executive vice president, CFO and treasurer. Shiflett was CFO of Red Lion from 2010 through 2014, and then a principal at NorthWest CFO.

* Lennar Corp. promoted Fred Rothman to COO, replacing Jon Jaffe, who will continue as president of the homebuilder. Rothman oversees the company's eastern U.S. homebuilding region.

* Diversified REIT Presidio Property Trust named Quyen Dao-Haddock chief accounting officer, effective Jan. 7, replacing CFO Adam Sragovicz. Dao-Haddock was formerly corporate controller at American Assets Trust Inc.

Board shuffle

* Specialty REIT EPR Properties appointed James Connor, chairman and CEO of industrial REIT Duke Realty Corp., to its board as an independent trustee, effective Jan. 10.

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Winifred Webb, independent trustee at American Homes 4 Rent.
Source: American Homes 4 Rent

* Alexander & Baldwin Inc. director Jenai Wall will not stand for re-election at the diversified REIT's 2019 annual meeting of shareholders due to potential conflicts of interest. Wall is chairman and CEO of Hawaiian supermarket chain Foodland Super Market Ltd.

* Pebblebrook Hotel Trust independent trustee Laura Wright will resign Feb. 15 due to personal and professional commitments, downsizing the hotel REIT's board to six members.

* Single-family rental REIT American Homes 4 Rent added Winifred Webb and Jay Willoughby to its board of trustees, expanding the board to 11 members. Webb is CEO of Kestrel Corporate Advisors and serves on the boards of Wynn Resorts Ltd. and ABM Industries. Willoughby is chief investment officer of TIFF Investment Management.

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Paul Brown, director of training and education at ERA Wilder Realty.
Source: ERA Wilder Realty Inc.

* CareTrust REIT Inc. appointed former American Homes 4 Rent CFO Diana Laing to its board, bringing the board size to five members. Laing also serves on the boards of retail REITs Macerich Co. and Spirit Realty Capital Inc.

Other news

* Real estate services firm ERA Wilder Realty Inc. appointed Paul Brown director of training and education.

* Duke Realty hired Scott Henderson as vice president of leasing and development for Pennsylvania. Henderson was previously senior vice president at Pennsylvania-based industrial real estate development firm Nappen & Associates.