Cadillac Fairview's longtime President and CEO John Sullivan will step down later this year, the real estate investment company announced on Monday, with Executive Vice President, Operations Salvatore Iacono named as his successor.
Sullivan, who held the role of CEO for 13 years, will retire this fall, with his last official day falling on November 1. Iacono, who has been with Cadillac Fairview (CF) since 2008, will take over as both President and CEO on that same day.
"It has been a tremendous honour to lead the talented team at CF for 13 years," Sullivan said. "Together we have built an unmatched portfolio, transformed cities across Canada and built exciting partnerships with some of the best companies in the world. I am incredibly proud of all we have accomplished and will watch with great pride as CF continues to lead the industry with Sal at the helm and in ongoing partnership with Ontario Teachers'."
Sullivan has been in the industry for more than 30 years, 25 of which were at CF, and after such a long tenure, he won't be quitting cold turkey. He will be staying on in an advisory capacity to ensure a successful transition, CF says.
Cadillac Fairview operates as a fully owned subsidiary of the Ontario Teachers' Pension Fund, a global investor with net assets exceeding $247B. Alongside the CF CEO announcement, Ontario Teachers' unveiled plans to bolster their real estate investments by "establishing an in-house real estate asset class group to oversee real estate investment activities."
"In support of this model, Ontario Teachers' will be welcoming CF's global team of 37 real estate investment professionals to the organization and will conduct a search for a Global Head of Real Estate, to lead Ontario Teachers' real estate group," a news release reads. "This role will report to Ziad Hindo, Chief Investment Officer, Ontario Teachers' and will join Ontario Teachers' Investment Executive Team."
Under this new model, Ontario Teachers' will focus on global real estate investments, while CF focuses on growing its portfolio within Canada.
"We are excited to continue our decades long relationship with CF under an evolved model that will capitalize on expertise across our two organizations and further strengthen our respective positions as a leading global investor and a best-in-class Canadian real estate owner and developer," said Ziad Hindo, Chief Investment Officer of Ontario Teachers'.