TORONTO, June 20, 2016 /CNW/ - Choice Properties Real Estate Investment Trust ("Choice Properties") (CHP-UN.TO) announced today that John R. Morrison, President and Chief Executive Officer, has decided to retire from the Company. Mr. Morrison will remain in his role as President and Chief Executive Officer until transitioning to a successor, who will be appointed in the coming months.
In commenting on the announcement, Galen G. Weston, Chairman of Choice Properties, noted that "John joined us in 2013 at the inception of Choice Properties and was instrumental in guiding the organization through a successful IPO, building a strong organization and leadership team, and delivering outstanding returns to unitholders over the last three years. We were fortunate to have an executive of John's experience and skill to provide such a strong foundation for the future growth of Choice Properties, and he leaves with our gratitude and good wishes for the future."
John Morrison added that "It has been a privilege to work with an outstanding group of colleagues, both in Choice Properties and in the broader Loblaw group of companies, and to help lead the creation and early growth of one of Canada's premier REITs. With this phase of Choice Properties' plans successfully completed, and with the business in great shape, I felt it was the right time to hand over leadership to the next CEO to guide future growth of the business. I will remain fully committed and engaged in the business until the transition to my successor has been completed."
The Board of Trustees of Choice Properties has launched a comprehensive search to identify a successor for Mr. Morrison. Further information will be provided at the appropriate time.
About Choice Properties Real Estate Investment Trust
Choice Properties Real Estate Investment Trust is an owner, manager and developer of well-located commercial real estate across Canada. Choice Properties' portfolio spans approximately 42.3 million square feet of gross leasable area and consists of 529 properties primarily focused on supermarket and drug store anchored shopping centres and stand-alone supermarkets and drug stores. Choice Properties' strategy is to create value by enhancing and optimizing its portfolio through accretive acquisitions, strategic development and active property management. Choice Properties' principal tenant and largest Unitholder is Loblaw Companies Limited, Canada's largest retailer. Choice Properties' strong alliance with Loblaw positions it well for future growth. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com.
SOURCE Choice Properties Real Estate Investment Trust