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Wheeler REIT CFO leaves sooner; Cole Capital-backed REITs shuffle C-suite teams

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 real estate operating companies, homebuilders and gaming operators.

C-suite changes

* Wilkes Graham resigned as CFO of shopping center real estate investment trust Wheeler Real Estate Investment Trust Inc. ahead of his scheduled resignation date. Chief Accounting Officer Matthew Reddy was named as his replacement.

* Following diversified REIT VEREIT Inc.'s sale of Cole Capital, Glenn Rufrano resigned Feb. 1 as president and CEO of several Cole Capital-sponsored nontraded REITs, including Cole Office & Industrial REIT (CCIT II) Inc., Cole Office & Industrial REIT (CCIT III) Inc., Cole Credit Property Trust V Inc., and Cole Real Estate Income Strategy (Daily NAV) Inc. He will continue to sit on the boards of the companies. However, Rufrano resigned from the board of Cole Credit Property Trust IV Inc.

CIM founder and principal Avraham Shemesh will succeed Rufrano at Cole Office & Industrial REIT (CCIT II) and Cole Credit Property Trust V, and will also serve as a director at the companies, which added Calvin Hollis as an independent director. Orchard Capital Corp. founder and President Richard Ressler will replace Rufrano at Cole Real Estate Income Strategy (Daily NAV), Cole Office & Industrial REIT (CCIT III) and Cole Credit Property Trust IV.

In addition, Thomas Roberts resigned from Credit Property Trust IV as its CEO, president and a board member, and investor and consultant W. Brian Kretzmer was named an independent director at Cole Real Estate Income Strategy (Daily NAV), Cole Office & Industrial REIT (CCIT III) and Cole Credit Property Trust IV.

* Kevin Maddron resigned as the CFO, COO and treasurer of CNL Healthcare Properties Inc. and CNL Healthcare Properties II, Inc. Ixchell Duarte, chief accounting officer at the healthcare REITs, will replace Maddron as CFO and treasurer, while former senior vice president John Starr will act as COO of the companies.

Board shuffle

* Multifamily and commercial property operator Clipper Realty Inc. expanded its board size to seven members with the addition of Harmon Spolan and Richard Burger as independent directors, effective Feb. 1.

* Multifamily-focused REIT Resource Real Estate Opportunity REIT Inc. said Geoffrey Woodward resigned as a director. The board tapped Robert Lieber, CEO of Resource Capital Corp., to succeed Woodward.

* Real estate operating and management company Kennedy-Wilson Holdings Inc. elected former KPMG LLP executive John Taylor and Kennedy Wilson Europe Ltd President and CEO Mary Ricks to its board.

* Industrial REIT Duke Realty Corp. added Realty Income Corp. CEO and director John Case and former Walmart executive Chris Sultemeier to its board.

SNL ImageBrian Kirkland, chief technology officer at Choice Hotels International Inc.
Source: Choice Hotels International Inc.

* Mike McKee of healthcare REIT HCP Inc. will retire as executive chairman March 1 and leave the company's board at the annual meeting April 26. Dave Henry will replace McKee as nonexecutive chairman.

* Invesque Inc., a healthcare-focused real estate company, added Tiptree Financial Inc. Managing Director Randy Maultsby to its board under the investor rights agreement related to Invesque's acquisition of Care Investment Trust LLC from Tiptree Inc.

* Healthcare-focused NorthWest Healthcare Properties REIT named Colin Loudon as an independent trustee, and appointed David Naylor and Brian Petersen as chair and member of the compensation, governance and nominating committee, following the Jan. 22 death of lead independent trustee and committee chair Martin Barkin.

Other news

* Hotel company Choice Hotels International Inc. hired Chad Fletcher as vice president of global sales. Fletcher most recently worked as vice president of commercial sales for North America at Avis Budget Group. The company also promoted Brian Kirkland to chief technology officer from vice president of engineering.

* Bryan McCarthy joined retail REIT Kite Realty Group Trust as senior vice president of marketing and communications from Leo Burnett.