David Podmore, the Co-Founder, former-CEO, and current Chair of the Board of Directors for Concert Properties, is retiring, the company announced on Tuesday.
"I am confident that now is the time to step aside and entrust the company's continued success to our highly qualified and knowledgeable Board of Directors, and the experienced leadership team led by Christine," said Podmore, referring to President and CEO Christine Bergeron.
Podmore's retirement was to be expected, after Concert Properties announced, almost exactly a year ago to the day, then-CEO of Vancity as the company's next President and CEO, succeeding Podmore. Bergeron officially took over the roles in September.
Podmore remained the Chair of the Board, the role he will be retiring from as of June 30, 2024.
Concert Properties says that it will be naming a new Chair in the coming weeks and that Podmore will be working closely with the appointee to ensure a smooth transition. Beginning July 1, Podmore will also serve as Chair Emeritus, an advisory role to support the Board and Bergeron. Podmore will also be stepping down as Chair of Concert Infrastructure Fund, the company's investment arm that focuses on the development of social infrastructure assets.
"We have achieved a great deal over the years," Podmore said on Tuesday. "Among our accomplishments, we have built over 13,800 homes, which include 1,450 assured and affordable homes, with approximately 9,000 more in our development pipeline. Additionally, we currently own and manage over 13 million square feet of industrial and commercial properties. Through Concert Infrastructure, we have invested in, developed and now manage 10 essential Canadian public infrastructure projects. And perhaps most importantly, we have also earned an excellent reputation. This legacy is one that I am truly proud of."
Concert Properties was founded in 1989 by David Podmore and Jack Poole, who passed away in 2009. The company was originally known as VLC Properties and started as a unique "public-private-pension" venture with joint ownership between the Province of British Columbia, City of Vancouver, 26 pension funds, 26 individuals, and two banks.
The company was founded with a mandate to provide rental housing in Vancouver and the company has since extended that outside of British Columbia, entering the Toronto market in 2001, where it continues to operate today.
For Podmore, he's set to celebrate his 75th birthday in June — as Concert Properties is turning 35 — and has been planning his retirement over the past few years, the company said on Tuesday.
"David’s legacy is truly remarkable, not only in the impact he has had on the Canadian built landscape, but perhaps more importantly the tremendous impact he has had on so many lives," said President & CEO Christine Bergeron. "On a personal note, I am thankful for David's trust, leadership and friendship, and am grateful for the opportunity to learn from one of the most respected icons in Canadian real estate."
"As we begin the next chapter of our story, our founding principles continue to guide our business, and I am confident in our future," Podmore concluded. "In seaman's talk, we have a strong and seasoned crew, the ship is well provisioned, the course is set, and there are fair winds ahead. I am so very thankful for the chance to have worked with some amazing people who have shared this journey with me over the past 35 years. It has been the honour and privilege of my life to lead Concert. I will leave knowing my partner Jack would have been proud to see all that we have accomplished."
