Seritage Growth Properties Appoints Kenneth T. Lombard as Executive Vice President & Chief Operating Officer
May 21 2018 - 4:49PM
Business Wire
Seritage Growth Properties (NYSE:SRG) announced today that
Kenneth T. Lombard has been appointed Executive Vice President and
Chief Operating Officer, effective on May 20, 2018. Mr. Lombard
will report to Benjamin Schall, President and Chief Executive
Officer and join the Executive Team consisting of Brian Dickman
(Executive Vice President and Chief Financial Officer), Matthew
Fernand (Executive Vice President and General Counsel), James Bry
(Executive Vice President of Development and Construction), and
Mary Rottler (Executive Vice President of Leasing and Operations).
With this appointment, Mr. Lombard resigned from the Company’s
Board of Trustees, on which he has served since 2015. A replacement
Trustee will be named by the Board of Trustees.
“As we continue to rapidly grow our Company through our
transformative redevelopment and mixed use development program, we
felt that the time was right to bring on a Chief Operating Officer
who can help execute our strategy. Ken brings decades of
institutional real estate investment experience and valuable
relationships across the real estate, entertainment and retail
sectors, as well as deep knowledge of Seritage’s platform, having
been a member of our Board since our inception. I am extremely
pleased that Ken is joining the Seritage executive team as we enter
our next stage of growth,” said Mr. Schall.
“Having served on Seritage’s Board since the Company’s
inception, I am well acquainted with the Company’s strategy,
operations and management team, whom I hold in the highest regard.
I believe Seritage’s platform presents a unique value creation
opportunity and I look forward to working with Ben and the entire
Seritage team to build on the strong momentum of the past three
years,” stated Mr. Lombard.
Most recently, Mr. Lombard was President of MacFarlane Partners,
an investment management firm that acquires, develops and manages
real estate assets on behalf of pensions and institutional
investors. Prior to joining MacFarlane Partners in 2016, Mr.
Lombard served as vice chairman, partner and head of investments
for Capri Capital Partners, a real estate investment management
firm. He also managed the Capri Urban Fund, which invested in more
than $1 billion in commercial, residential and mixed-use
development, redevelopment and repositioning projects in densely
populated urban markets of the United States. Prior to that, from
2004 to 2008, Mr. Lombard served as President of Starbucks
Entertainment and helped launch Johnson Development Corporation in
1992, where he spent 12 years as the President and Partner. Mr.
Lombard has extensive experience in business development,
management, investment banking, economic development, corporate
expansion and real estate investment. He holds a Bachelor of Arts
in Communication from University of Washington.
About Seritage Growth
Properties
Seritage Growth Properties is a publicly-traded,
self-administered and self-managed REIT with 225 wholly-owned
properties and 24 joint venture properties totaling approximately
39 million square feet of space across 49 states and Puerto Rico.
The Company was formed to unlock the underlying real estate value
of a high-quality retail portfolio it acquired from Sears Holdings
in July 2015. Pursuant to a master lease, the Company has the right
to recapture certain space from Sears Holdings for retenanting or
redevelopment purposes. The Company’s mission is to create and own
revitalized shopping, dining, entertainment and mixed-use
destinations that provide enriched experiences for consumers and
local communities, and create long-term value for our
shareholders.
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