Press release from CNW Group
Northern Property announces CEO succession
Wednesday, January 15, 2014
Northern Property announces CEO succession17:15 EST Wednesday, January 15, 2014
CALGARY, Jan. 15, 2014 /CNW/ - The Board of Trustees of Northern Property Real Estate Investment Trust today announced that B. James Britton, CEO, will retire in May 2014.
The Board also announced that Todd R. Cook, currently President and Chief Operating Officer, will become President and Chief Executive Officer on May 13, 2014, and will be nominated for election as a Trustee of the REIT in connection with NPR's Annual General and Special Meeting the same date.
Douglas H. Mitchell, Chair, stated, "On behalf of the Board of Trustees, I would like to thank Jim and recognize the great and significant contribution he has made to NPR. He has demonstrated outstanding leadership in establishing the REIT in 2002 and exceptional strategic abilities in his years as CEO. Jim has shown us a unique vision, extremely high level executive skills and a day to day commitment to building and developing NPR's executive team."
The designation of Todd Cook as NPR's next Chief Executive represents the conclusion of a multi-year succession planning process stewarded by the REIT's Board. Since joining NPR in 2006, Mr. Cook was moved systematically through three key executive assignments. These posts include that of Chief Financial Officer, Vice President of Property Operations and most recently as President and Chief Operating Officer.
Doug Mitchell went on to say, "Our CEO transition occurs with Northern Property having a very positive forward outlook. The business enjoys considerable commercial success and has generated very positive returns for unitholders. NPR has an exceptionally sound operating business featuring low leverage and payout ratios, a conservative management approach and a highly experienced and capable executive team. We also have in place a well-defined strategic plan based upon on developing new apartment buildings, increasingly in southern locations".
Jim Britton spearheaded the 2002 conversion of NPR's predecessor companies into a real estate investment trust and has been Northern Property REIT's Chief Executive Officer since then. "It has been a privilege to have led Northern Property over the past 12 years," Britton said. "I have enjoyed the wisdom and support of a Board of the highest calibre complemented by an exceptionally capable management team. This is an entirely appropriate moment for CEO succession to occur and the right time for me personally at age 66 to have the time to pursue some new interests in retirement."
"I have no doubt that as President and CEO Todd Cook will lead Northern Property to new heights," Doug Mitchell said. "He is a very customer focused individual, possesses an excellent understanding of the rental property business and has a clear vision respecting bottom line results and unitholder value. Todd brings a great set of values to the Board's mission of having exemplary 'tone from the top'. He is the right leader to deliver strong financial returns from our existing portfolio and position the REIT for continued success."
Northern Property REIT is a Canadian real estate investment trust engaged primarily in the multi-family residential rental business. From its origins in northern Canada the Trust now operates in five provinces and two territories. As at September 30, 2013, NPR had 10,142 residential units and 1,064,944 square feet of commercial space.
SOURCE Northern Property Real Estate Investment Trust
For further information:
Barb Lavery, Corporate Secretary