The REIT also promoted a key executive to president and COO
RioCan REIT has announced that CEO Edward Sonshine will remain in his position until his retirement on March 31, 2021.
Upon his retirement, Sonshine will move to the position of RioCan’s non-executive chairman of the board for two years to ensure an orderly transition with his successor. To make room for Sonshine, current board chair Paul Godfrey has agreed to step down at that time to become lead trustee.
“The members of the Board of Trustees are all very pleased that Mr. Sonshine has agreed to remain as CEO of the trust for the next two to three years and that he will continue to play an important role in the ongoing leadership of the trust following his retirement,” said Godfrey. “He continues to bring a tremendous amount of leadership to the management team as he guides RioCan in its strategic vision for continued growth.”
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“I am gratified that the board and I have agreed to arrangements to provide for an orderly transition at RioCan,” said Sonshine. “The major initiatives that we have underway, ranging from the creation of Canada’s best residential rental portfolio to the completion of some of our major development projects, including The Well and Yonge Sheppard Centre, require the additional time that we have now arranged. I am looking forward to an exciting and fruitful next couple of years.”
In other movements, RioCan also announced the promotion of Jonathan Gitlin to president and chief operating officer. Gitlin joined RioCan in 2005 and has been the head of the trust’s investment team since 2007, where he leads the ongoing $2 billion disposition program as part of its accelerated major market strategy and execution of the tust’s residential program.
“I would like to offer my sincere congratulations to Jonathan Gitlin on his well-deserved promotion to president & COO,” said Sonshine. “Since his assumption of the role of COO in August of 2018, Jonathan has been a key contributor to our leadership team and to the ongoing success of the major initiatives that RioCan has underway. I am confident in his abilities to lead our operations as we move towards the next phase of our growth and development.”
