Crombie REIT announces board movements

by Duffie Osental on 07 Apr 2019

Crombie Real Estate Investment Trust has announced that Frank Sobey, chair of the board of trustees, as well as Brian Johnson and Kent Sobey will retire from the board of trustees following its annual general meeting on May 9.

Crombie's incoming board chair will be appointed and announced following the meeting. Additionally, Empire Company Limited (Empire) has notified Crombie that Jana Sobey will be appointed as a trustee as of May 9.

Read more: Canadian REITs mixing portfolios amid a turbulent market

Based on the current size of the board, Empire has the right to appoint five trustees in addition to the seven trustees elected by unitholders.

"On behalf of all Crombie stakeholders, I would like to thank Frank Sobey for the many years of tremendous governance and leadership provided to me and to this company," said Donald Clow, president and CEO at Crombie. "His leadership, vision and knowledge have been instrumental in Crombie's success, and he retires leaving this company stronger and poised for continued growth. Although I know all of us will miss his positive presence in the boardroom and our offices, he has certainly earned this well-deserved retirement, and we wish him all the best."

"Brian Johnson and Kent Sobey both joined Crombie's Board 10 years ago, and I'd like to thank them both for their insight, entrepreneurialism, and knowledge. They will be missed. We welcome Jana Sobey's upcoming appointment and look forward to her valuable contributions."

"After 13 years as chair of Crombie's board, eight years as chair of Crombie REIT's predecessor, Crombie Properties Limited, and 40 years of being connected in one way or another with Crombie, I have decided it's time to pass the torch and retire," said Sobey. "It has been an honour, a privilege, and a very rewarding experience for me to be involved in the development and growth of Crombie from a small regional company to the dynamic and exciting national real estate investment trust it is today."

Post a Comment

Most Trending News

The best place to buy a rental property in Canada: 2021
News

You want the biggest bang for your buck so here are the best places in Canada to buy a rental property, and the best types of properties (including vacation homes!).

Read More
Strategies to Predictably, Reliably Grow Your Real Estate Business
News

This 7-day free masters summit will provide you with all the tips and tricks you need to get started in real estate investing, how to expand your real estate portfolio, and much more.

Read More
June virtual conference promises to turn agents into millionaires
News

“The easiest way to prove to people you can help them is to just start helping them, no strings attached,” said Craig Proctor, the master realtor who revolutionized the team concept.

Read More