RioCan Real Estate Investment Trust said its CEO Edward Sonshine agreed to remain in the position until March 31, 2021, subject to a potential one-year extension.
In February 2016, Sonshine had agreed to remain in the position until at least Dec. 31, 2018.
Sonshine also agreed to serve as the nonexecutive chairman of the company's board for two years following his retirement as CEO to ensure an orderly transition.
Paul Godfrey, who chairs the board, will step down and assume the post of lead trustee once Sonshine takes over as nonexecutive chairman.
COO Jonathan Gitlin was also assigned the additional role of president of the shopping center-focused real estate investment trust, with immediate effect. Gitlin was appointed COO on Aug. 1, 2018.