Press release from Marketwire
Calloway REIT Announces President and CEO Appointment
New CEO to build on Trust's success
Monday, July 29, 2013
Calloway REIT Announces President and CEO Appointment09:00 EDT Monday, July 29, 2013
TORONTO, ONTARIO--(Marketwired - July 29, 2013) - Calloway Real Estate Investment Trust (TSX:CWT.UN) (Calloway) announced today that its interim President and CEO, Huw Thomas has been appointed by the Board of Trustees as Calloway's permanent President and CEO. Mr. Thomas will remain a member of the Board of Trustees.
Mr. Thomas is a recognized financial leader, having previously served as CFO of Canadian Tire for nine years. He is a highly skilled steward for the Trust, with extensive experience in the retail marketplace, real estate and capital markets, and with the investment community in Canada and the U.S.
"I have very much enjoyed my role as interim CEO," said Thomas, "and I am delighted to now be transitioning to the permanent CEO role." "The last four months have reinforced for me Calloway's significant potential and I am excited about the opportunity to continue to build an exceptional place for people to invest and work. The Trust has clearly demonstrated the stability of its operations and earnings over a number of years and my opportunity is to add to that a portfolio of growth initiatives. The opening of our first Premium Outlet with Simon Property Group on August 1st and the commencement of work on the development of the Vaughan Metropolitan Centre are just two examples of a bright future for Calloway in the coming years," added Thomas.
"Huw has proven during his short time as interim CEO that he is the right type of leader under whose direction Calloway can execute multiple growth strategies," said Mitchell Goldhar, a Calloway Trustee, and President, CEO and owner of the SmartCentres Group of Companies. "He has built strong relationships and trust across the organization and I believe he has established excellent connections with key members of the business and investment community. In addition to his broad business and financial background, Huw's detailed knowledge of the retail industry in Canada puts Calloway in a unique position among the REITs," added Goldhar.
Calloway is one of Canada's largest real estate investment trusts with an enterprise value of over $6 billion. It owns and manages approximately 26.6 million square feet in 117 value-oriented retail centres having the strongest national and regional retailers, as well as strong neighbourhood merchants. Calloway's vision is to provide a value-oriented shopping experience to Canadian consumers. For more information on Calloway, visit www.callowayreit.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
President and Chief Executive Officer
Calloway Real Estate Investment Trust
(905) 326-6400 x7649