SITE Centers Announces Board of Directors and CFO Appointments
SITE Centers Corp. (NYSE: SITC), an owner of open-air shopping centers, has announced significant changes to its Board of Directors and leadership team in preparation for the planned spin-off of Curbline Properties Corp. (CURB). Gary Boston, John Cattonar, and Cynthia Foster Curry will join the SITE Centers Board effective immediately before the spin-off's closing, expected on October 1, 2024. The Board will have five members, with Dawn Sweeney expected to be named Chair.
Gerald Morgan will be appointed as Chief Financial Officer upon the spin-off's closing, replacing Conor Fennerty who will join Curbline. The leadership team is also expected to include Aaron Kitlowski as General Counsel and Jeffrey Scott as Chief Accounting Officer. These appointments aim to position both SITE Centers and Curbline for successful execution of their respective business plans post-spin-off.
SITE Centers Corp. (NYSE: SITC), proprietaria di centri commerciali all'aperto, ha annunciato importanti cambiamenti nel suo Consiglio di Amministrazione e nel team di leadership in preparazione per la prevista scissione di Curbline Properties Corp. (CURB). Gary Boston, John Cattonar e Cynthia Foster Curry entreranno a far parte del Consiglio di Amministrazione di SITE Centers con effetto immediato prima della chiusura della scissione, prevista per il 1 ottobre 2024. Il Consiglio avrà cinque membri, con Dawn Sweeney attesa come Presidente.
Gerald Morgan sarà nominato Chief Financial Officer al termine della scissione, sostituendo Conor Fennerty che entrerà in Curbline. Il team di leadership includerà anche Aaron Kitlowski come General Counsel e Jeffrey Scott come Chief Accounting Officer. Queste nomine mirano a posizionare sia SITE Centers che Curbline per un'esecuzione di successo dei rispettivi piani aziendali dopo la scissione.
SITE Centers Corp. (NYSE: SITC), propietaria de centros comerciales al aire libre, ha anunciado cambios significativos en su Junta Directiva y equipo de liderazgo en preparación para la esperada escisión de Curbline Properties Corp. (CURB). Gary Boston, John Cattonar y Cynthia Foster Curry se unirán a la Junta de SITE Centers con efecto inmediato antes del cierre de la escisión, que se espera para el 1 de octubre de 2024. La Junta tendrá cinco miembros, con Dawn Sweeney esperada para ser nombrada Presidenta.
Gerald Morgan será nombrado Director Financiero al cierre de la escisión, reemplazando a Conor Fennerty quien se unirá a Curbline. Se espera que el equipo de liderazgo también incluya a Aaron Kitlowski como Asesor Legal y a Jeffrey Scott como Director de Contabilidad. Estos nombramientos tienen como objetivo posicionar tanto a SITE Centers como a Curbline para una exitosa ejecución de sus respectivos planes de negocio tras la escisión.
SITE Centers Corp. (NYSE: SITC), 오픈 에어 쇼핑 센터의 소유 회사,는 Curbline Properties Corp. (CURB)의 계획된 분사에 대비하여 이사회와 리더십 팀에 중요한 변화를 발표했습니다. Gary Boston, John Cattonar 및 Cynthia Foster Curry가 분사 마감 전에 즉시 SITE Centers 이사회에 합류할 예정이며, 분사는 2024년 10월 1일에 예정되어 있습니다. 이사회는 다섯 명의 구성원으로 이루어질 것이며, Dawn Sweeney가 의장으로 임명될 것으로 예상됩니다.
Gerald Morgan은 분사 마감과 함께 최고재무책임자(Chief Financial Officer)로 임명될 예정이며, Conor Fennerty는 Curbline으로 이동할 것입니다. 리더십 팀에는 Aaron Kitlowski가 법률 고문(General Counsel)으로, Jeffrey Scott가 회계 책임자(Chief Accounting Officer)로 포함될 것으로 예상됩니다. 이러한 임명은 SITE Centers와 Curbline이 분사 후 각각의 비즈니스 계획을 성공적으로 실행할 수 있도록 하기 위한 것입니다.
SITE Centers Corp. (NYSE: SITC), propriétaire de centres commerciaux en plein air, a annoncé d'importants changements dans son Conseil d'Administration et son équipe de direction en préparation de la scission prévue de Curbline Properties Corp. (CURB). Gary Boston, John Cattonar et Cynthia Foster Curry rejoindront le Conseil de SITE Centers avec effet immédiat avant la clôture de la scission, prévue pour le 1er octobre 2024. Le Conseil comptera cinq membres, avec Dawn Sweeney prévue comme Présidente.
Gerald Morgan sera nommé Directeur Financier au moment de la clôture de la scission, remplaçant Conor Fennerty, qui rejoindra Curbline. L'équipe de direction devrait également inclure Aaron Kitlowski en tant que Conseiller Juridique et Jeffrey Scott en tant que Directeur Comptable. Ces nominations visent à positionner à la fois SITE Centers et Curbline pour une exécution réussie de leurs plans d'affaires respectifs après la scission.
SITE Centers Corp. (NYSE: SITC), Eigentümer von Freiluft-Einkaufszentren, hat bedeutende Veränderungen im Board of Directors und im Führungsteam angekündigt, um sich auf die geplante Abspaltung von Curbline Properties Corp. (CURB) vorzubereiten. Gary Boston, John Cattonar und Cynthia Foster Curry werden dem Board von SITE Centers mit sofortiger Wirkung vor dem voraussichtlichen Abschluss der Abspaltung am 1. Oktober 2024 beitreten. Das Board wird aus fünf Mitgliedern bestehen, und Dawn Sweeney wird voraussichtlich zur Vorsitzenden ernannt.
Gerald Morgan wird bei Abschluss der Abspaltung zum Chief Financial Officer ernannt, als Nachfolger von Conor Fennerty, der zu Curbline wechseln wird. Das Führungsteam wird voraussichtlich auch Aaron Kitlowski als General Counsel und Jeffrey Scott als Chief Accounting Officer umfassen. Diese Ernennungen zielen darauf ab, sowohl SITE Centers als auch Curbline optimal auf die erfolgreiche Umsetzung ihrer jeweiligen Geschäftspläne nach der Abspaltung vorzubereiten.
- Appointment of experienced board members Gary Boston, John Cattonar, and Cynthia Foster Curry
- Gerald Morgan, former CFO of Four Corners Property Trust, joining as new CFO
- Retention of key leadership positions including General Counsel and Chief Accounting Officer
- Strategic positioning of both SITE Centers and Curbline for post-spin-off success
- Departure of current CFO Conor Fennerty to Curbline
- Potential disruption due to significant board and leadership changes
Additionally, Gerald (“Gerry”) Morgan joined SITE Centers in September and will be appointed as Chief Financial Officer upon the closing of the spin-off transaction, replacing Conor Fennerty who will join Curbline as its Chief Financial Officer. Previously, Mr. Morgan served as the Chief Financial Officer of Four Corners Property Trust, a public REIT focused on net lease properties in the restaurant and retail industries, from 2015 through April 2024. The SITE Centers leadership team is also expected to include General Counsel Aaron Kitlowski and Chief Accounting Officer Jeffrey Scott who joined the Company in October 2017 and December 2007, respectively.
“We are excited to announce and welcome Gary, Cynthia and John to the SITE Centers Board along with Gerry to the SITE Centers leadership team,“ said David R. Lukes, Chief Executive Officer. “With these appointments, the respective Board of Directors and leadership teams of both SITE Centers and Curbline will be in place to position both companies to execute their respective business plans upon the completion of the CURB spin-off.”
Additional details related to the planned spin-off of Curbline can be found in its Registration Statement on Form 10 and on the Company’s website at www.sitecenters.com under the “Investor Relations” tab.
About SITE Centers Corp.
SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.
Safe Harbor
SITE Centers considers portions of the information in this press release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause our results to differ materially from those indicated by such forward-looking statements, including, among other factors, our ability to complete the spin-off of Curbline in a timely manner or at all, our ability to satisfy the various closing conditions to the spin-off, the impact of the spin-off on our business and that of Curbline, Curbline’s ability to qualify as a REIT, and the Company’s and Curbline’s ability to execute their respective business strategies following the spin-off. Other risks and uncertainties that could cause our results to differ materially from those indicated by such forward-looking statements include general economic conditions, including inflation and interest rate volatility; local conditions such as the supply of, and demand for, retail real estate space in our geographic markets; the consistency with future results of assumptions based on past performance; the impact of e-commerce; dependence on rental income from real property; the loss of, significant downsizing of or bankruptcy of a major tenant and the impact of any such event on rental income from other tenants and our properties; our ability to enter into agreements to buy and sell properties on commercially reasonable terms and to satisfy closing conditions applicable to such sales; our ability to secure equity or debt financing on commercially acceptable terms or at all; redevelopment and construction activities may not achieve a desired return on investment; impairment charges; valuation and risks relating to our joint venture investments; the termination of any joint venture arrangements or arrangements to manage real property; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions or natural disasters in locations where we own properties, and the ability to estimate accurately the amounts thereof; sufficiency and timing of any insurance recovery payments related to damages from extreme weather conditions or natural disasters; any change in strategy; the impact of pandemics and other public health crises; unauthorized access, use, theft or destruction of financial, operations or third party data maintained in our information systems or by third parties on our behalf; and our ability to maintain REIT status. For additional factors that could cause the results of the Company to differ materially from those indicated in the forward-looking statements, please refer to the Company's most recent reports on Forms 10-K and 10-Q. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
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Conor Fennerty, EVP and
Chief Financial Officer
216-755-5500
Source: SITE Centers Corp.
FAQ
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