RioCan Real Estate Investment Trust appoints Jonathan Gitlin as new CEO alongside Ed Sonshine stepping to Non-Executive Chairman

– CANADA, Toronto –  RioCan Real Estate Investment Trust (TSX: REI.UN) today announced the appointment of Jonathan Gitlin as President and CEO succeeding founder Ed Sonshine who stepped into the Non-Executive Chairman role, effective today as the final step of the succession plan announced in March of 2019.

Concurrently, Andrew Duncan assumed the position of Chief Investment Officer, a new role at RioCan. In this position, Mr. Duncan expands his leadership of RioCan’s extensive development program to integrate that of the Trust’s strategic investment initiatives, which were led by Mr. Gitlin prior to his promotion to President and CEO. The seamless transition of duties has enabled RioCan’s consistent focus to create unitholder value and the execution of its strategy to be Canada’s leading major market, mixed-use focused REIT.

“It has been a privilege to serve RioCan as CEO for more than 27 years,” said Ed Sonshine, Non-Executive Chairman of the Board. “Working alongside such a talented, dedicated team has been the highlight of my career, and I am confident that under Jonathan’s leadership, RioCan will build on the strong foundation we have established together. I look forward to being aboard in an advisory capacity and watching RioCan achieve its next generation of success.”

“We will all sincerely miss Ed’s leadership, and personally, I could not be more pleased that we will continue to benefit from his advice as Non-Executive Chairman. I have worked closely with Ed to define our strategies while building a best-in-class portfolio that will pave the way for our future as Canada’s dominant urban mixed-use REIT.” said new CEO, Jonathan Gitlin.

He added: “The promotion of Andrew to CIO is a further example of the smooth integration process and ongoing evolution of RioCan. Our tenants, partners, unitholders and all of RioCan will benefit from the strong and talented professionals across the organization led by our visionary leadership team.”

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at December 31, 2020, our portfolio is comprised of 223 properties with an aggregate net leasable area of approximately 38.3 million square feet including office, residential rental and 14 development properties.

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Talent4Boards Team