Business
Granite CEO, Michael Forsayeth, to Retire September 30, 2018
Granite CEO, Michael Forsayeth, to Retire September 30, 2018 Canada NewsWire TOR...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nGranite CEO, Michael Forsayeth, to Retire September 30, 2018\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Sept. 25, 2017\n\n\n\nTORONTO, Sept. 25, 2017 /CNW/ - Granite Real Estate Investment Trust (\"Granite\") (TSX: GRT.UN / NYSE: GRP.U) announced today that Michael Forsayeth, Chief Executive Officer, has decided to retire from Granite effective September 30, 2018.  Mr. Forsayeth will remain in his role as Chief Executive Officer until such time as a successor is appointed and will remain with Granite through to September 30, 2018 to ensure a smooth transition. \n\nGranite's Board has commenced a comprehensive search to identify a successor for Mr. Forsayeth who will lead the continued thoughtful deployment of Granite's balance sheet to accelerate the growth and diversification of its investment property portfolio.\n\nIn commenting on the announcement, Kelly Marshall, Chairman of Granite, noted that \"Mike joined us in the summer of 2011 and has been instrumental in establishing Granite's new strategic direction, leading Granite through a successful REIT conversion, and building the foundation to become a diversified global industrial real estate company.  Granite was fortunate to have an executive with Mike's experience and skill to get Granite to where it is today and position it for future growth and diversification.  The Board is grateful for his contribution to Granite's success to date and looks forward to continuing to work with Mike as Granite continues to execute on its business plan while transitioning to new leadership over the next 12 months.\"\n\nMichael Forsayeth added, \"Granite's success has been a team effort and it has been an honour and privilege to work with such an outstanding group of individuals over the last six years.  My time at Granite has been one of the most satisfying of my 40 - year career in business.  With the company's future cash flows significantly de-risked through the extension of Magna leases in the fall of 2016, Granite has the financial flexibilit...