CROMBIE REIT ANNOUNCES MANAGEMENT CHANGE
NEW GLASGOW, NS, Jan. 23, 2024 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) today announced that Clinton Keay will be resigning as Chief Financial Officer ("CFO"), effective February 23, 2024. Clinton will be joining Empire Company Limited as Senior Vice President, Corporate Finance.
Kara Cameron, currently Vice President, Accounting and Financial Reporting, at Crombie will serve as Interim CFO while a search for a permanent CFO is conducted. Ms. Cameron is a chartered professional accountant with nearly 20 years of experience in progressively senior financial leadership roles, including five years in her current role at Crombie.
"Since joining Crombie in 2019, Clinton has made important contributions to the growth and success of the REIT, as reflected by our financial strength and best in class balance sheet," said Mark Holly, President and CEO. "On behalf of the entire Crombie team, I would like to thank Clinton for all of his contributions during his tenure with the REIT and wish him all the best."
"We are fortunate to have deep bench strength within our Finance function and are pleased that Kara will be stepping into the Interim CFO role to facilitate a seamless transition while we complete the process of selecting a permanent CFO," Holly said.
About Crombie REIT
Crombie invests in real estate that enriches local communities and enables long-term sustainable growth. As one of the country's leading owners, operators, and developers of quality real estate, Crombie's portfolio primarily includes grocery-anchored retail, retail-related industrial, and mixed-used residential properties in Canada's top urban and suburban markets. As at September 30, 2023, our portfolio contains 294 income-producing properties comprising approximately 18.7 million square feet, and a significant pipeline of future development projects. Learn more at www.crombie.ca.
Cautionary Statements
This press release contains forward-looking statements that reflect the current expectations of management of Crombie about Crombie's future results, performance, achievements, prospects, and opportunities. Wherever possible, words such as "may", "will", "estimate"," anticipate", "believe", "expect", "intend", and similar expressions have been used to identify these forward-looking statements.
Specifically, this press release includes forward-looking statements regarding expected timing of Mr. Keay's departure and Crombie's plans for an interim CFO and search for a permanent CFO. These statements reflect current beliefs and are based on information currently available to management of Crombie. Forward-looking statements necessarily involve known and unknown risks and uncertainties. A number of factors, including those discussed in the 2022 annual Management's Discussion and Analysis under "Risk Management" and the Annual Information Form for the year ended December 31, 2022 under "Risks", could cause actual results, performance, achievements, prospects, or opportunities to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and a reader should not place undue reliance on the forward-looking statements. There can be no assurance that the expectations of management of Crombie will prove to be correct, and Crombie can give no assurance that actual results will be consistent with these forward-looking statements.
SOURCE Crombie REIT
