- From the end of March next year, Edward Sonshine will retire as CEO of Toronto-based RioCan Real Estate Investment Trust (REI.UN)
- Thereafter, he will act as Non-Executive Chairman of the Board of Trustees, replacing Paul Godfrey who will serve as Lead Trustee
- Jonathon Gitlin, the trust's current President and Chief Operating Officer, will take over from Edward as CEO
- Jonathon joined RioCan in 2005, and was appointed as President and Chief Operating Officer in March 2019
- RioCan Real Estate Investment Trust (REI.UN) is currently up 0.52 per cent to C$14.64 per share at 12:18pm EDT
From the end of March next year, Edward Sonshine will retire as CEO of Toronto-based RioCan Real Estate Investment Trust (REI.UN).
The transition was first announced last year, and will see Edward move to the role as Non-Executive Chairman of RioCan's Board of Trustees, replacing Paul Godfrey who will then serve as Lead Trustee.
Jonathan Gitlin, who currently acts as President and Chief Operating Officer of the trust since his appointment to the role in March last year, will take over as CEO.
Jonathan joined RioCan in 2005 and was named head of the Trust’s Investment team in 2007. Over the last 15 years, he's held a number of senior leadership roles, and is credited with executing the trust's residential program, RioCan Living.
He also had a significant hand in driving RioCan's secondary market disposition program, which culminated in the trust deriving 90 per cent of its revenue from major markets and 50 per cent from the Greater Toronto Area.
Paul Godfrey, RioCan's outgoing Chairman, said the Board is pleased to have appointed Jonathon as Edward's successor.
"Given Mr. Gitlin’s long and successful history at RioCan, currently as President and Chief Operating Officer, and Mr. Sonshine’s continued involvement as Non-Executive Chairman, the Board is confident that we will have a seamless transition of leadership in 2021," he added.
Edward also commented on the leadership transitions, noting that his remaining time as CEO will be spent on the execution of RioCan's most important strategies and initiatives.
"I have great confidence in Jonathan and I look forward to working with him as Non-Executive Chairman as we overcome the current industry challenges and capitalise on evolving opportunities to position RioCan for the next phase of its growth and success," he said.
RioCan Real Estate Investment Trust (REI.UN) is currently up 0.52 per cent to C$14.64 per share at 12:18pm EDT.