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Real Estate moves through April 5, North America edition


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Real Estate moves through April 5, North America edition

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. REITs and REOCs, homebuilders and gaming operators.

C-suite changes

* Mack-Cali Realty Corp. said President Michael DeMarco will also assume the CEO role, with current CEO Mitchell Rudin taking on the newly created role of vice chairman, effective April 5.

* Scott Berry will resign as NorthStar Realty Europe Corp.'s CFO and treasurer, effective May 10.

* Penn National Gaming Inc. tapped COO Jay Snowden to also become its president, succeeding current president Timothy Wilmott, who will continue to serve as the company's CEO.

* HCP Inc. President Justin Hutchens is leaving to become CEO of HC-One, a care home provider in the U.K. Hutchens, who was considered a finalist to become HCP's CEO before the job went to another candidate, will continue to serve in his current role until June 1.

* Jonathan Stanner, former CEO of Strategic Hotels & Resorts Inc., will join Summit Hotel Properties Inc. as executive vice president and chief investment officer, effective April 17.

Board shuffle

* TRI Pointe Group Inc.'s board named Steven Gilbert independent chairman and reduced the board size to six members, effective March 29. The company said Chairman Barry Sternlicht and director Christopher Graham stepped down from the board, following the sale of 11,985,905 TRI Pointe shares by Sternlicht's Starwood Capital Group.

* Extendicare Inc. board Chairman Ben Hutzel will resign that role at the company's May 25 annual meeting, with Alan Torrie expected to succeed him immediately following the meeting. Hutzel will, however, stand for re-election as a director at the meeting.

* Northview Apartment REIT intends to name Scott Thon as the new chairman of the board of trustees, subject to his re-election to the board, succeeding Douglas Mitchell, who will resign when his term ends at the company's annual and special meeting of unit holders May 9.

* UCP Inc. plans to expand its board to seven members with the appointment of a PICO Holdings Inc. nominee, Keith Locker, effective immediately after the company's annual shareholder meeting.

* Colony Starwood Homes' board voted to increase its size to 14 members and named CEO Frederick Tuomi to the board as a trustee.

* Gaming and Leisure Properties Inc. expanded its board to six members with the appointment of former Isle of Capri Casinos Inc. CEO James Perry as an independent director.

* CorEnergy Infrastructure Trust Inc. plans to add Todd Banks to its board of directors, with the nomination to be voted on at the company's annual stockholder meeting May 17.

* CoreCivic Inc. is reducing its board to nine members, following the retirement of C. Michael Jacobi, who will not stand for re-election at the company's annual shareholder meeting May 11.

* Monte "Joe" Barrow stepped down as a board member of Education Realty Trust Inc., effective April 1, in line with the company's board succession plan.

* Ramco-Gershenson Properties Trust trustee Michael Ward will not stand for re-election at the company's annual shareholder meeting May 16, reducing the board to seven members.

* Ryman Hospitality Properties Inc. is proposing to appoint Alvin Bowles, a Facebook Inc. executive, to its board, succeeding director Michael Rose, who is retiring.

* Innovative Industrial Properties Inc. plans to downsize its board to five directors, effective at its May 24 stockholders meeting, following the decision by director Gary Malino to retire from the board at the end of his term.

* Whitestone REIT class II trustee Daryl Carter is stepping down, reducing the company's board to five trustees, effective May 11.

* KBS Real Estate Investment Trust II Inc. and KBS Real Estate Investment Trust III Inc. said Hank Adler stepped down as a member from the respective boards of both companies.

SNL Image

Greg Hartmann
Source: Hilton

Other news

* DDR Corp. outlined a restructuring plan that will see 65 jobs eliminated, including nine officer roles, and Conor Fennerty appointed as the company's senior vice president of capital markets.

* Hilton Inc. appointed Greg Hartmann senior vice president for luxury, lifestyle, resort and corporate development. Hartmann previously worked at Jones Lang LaSalle Inc., HVS and STR.

* Phil Bodem joined Meritage Homes Corp. as president of the Southern California Division. Bodem previously worked for Taylor Morrison Home Corp., Morrison Homes and Stellar Homes.