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."

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