Long-time Crombie Real Estate Investment Trust (REIT) President and CEO Don Clow announced his retirement on Wednesday evening, bringing an end to his more than 13-year tenure at one of the largest REITs in Canada.

"For almost 14 years, I have had the privilege of serving as Crombie's President and CEO," Clow said. "In my time at Crombie, I've worked with a team of high-performing, caring people who are incredibly dedicated to their work and to the communities in which we operate."

Crombie says it engaged in "an extensive review of senior management roles, structure and succession planning" before selecting its new CEO: Mark Holly.

"Mark is an incredibly well-rounded and experienced real estate executive," Clow said. "He is a collaborative leader and values the team and culture we have built at Crombie."

Holly's career includes positions with TACC Developments overseeing commercial and industrial development programs, and, most recently, at Empire where he worked as the Senior Vice President of Real Estate before being promoted to the Empire Executive Committee.

"During his time at Empire, Mr. Holly developed a transformational real estate strategy, instituted a new capital management committee and governance model and designed Empire's 10-year execution strategy to achieve the company's Climate Action Plan targets," Crombie said in a news release. "He successfully led the real estate team in the acquisition and integration of Farm Boy and Longo's and worked with Crombie to create a true partnership between the two companies."

Holly expressed his enthusiasm for the new position, which he's set to assume at the end of the month.

"In my role at Empire over the past five years, I've had the opportunity to work closely with Crombie's executive team, which has given me a window into the strategy and culture of the organization, and I couldn't be more optimistic about the opportunities that lie ahead of us."

Although retiring, Clow will remain on as a strategic advisor until March 1, 2025 to help support the transition.