Business
Seritage Growth Properties Announces CEO Transition
NEW YORK, March 28, 2025--Seritage Growth Properties (NYSE: SRG) ("Seritage" or the "Company"), a national owner and developer of retail, residential and mixed-use properties, today announced that the Seritage Board of Trustees and Andrea Olshan have agreed that Ms. Olshan will step down as Chief Executive Officer and President (CEO) and as a member of the Board effective as of April 11, 2025. The Board has appointed Board Chairman Adam Metz, an independent member of the Board since 2022, as Int
About this update from Seritage Growth Properties
[{"type":"text","content":"NEW YORK, March 28, 2025--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG) ("Seritage" or the "Company"), a national owner and developer of retail, residential and mixed-use properties, today announced that the Seritage Board of Trustees and Andrea Olshan have agreed that Ms. Olshan will step down as Chief Executive Officer and President (CEO) and as a member of the Board effective as of April 11, 2025. The Board has appointed Board Chairman Adam Metz, an independent member of the Board since 2022, as Interim CEO and President also effective as of April 11, 2025.","length":596,"tagName":"p"},{"type":"text","content":"The decision to transition the CEO role was based on the fact that the Company has continued to pursue its shareholder approved Plan of Sale and that, since the announcement of the Company’s review of strategic alternatives in March of 2022, the Company’s portfolio has been reduced from approximately 160 assets to 15 assets. As a result, the Company’s needs in the CEO role have been reduced, and the parties agreed that the Company should change leadership at this time.","length":473,"tagName":"p"},{"type":"text","content":""We thank Andrea for her considerable contributions over the last four years and her tireless work on behalf of Seritage and its shareholders. In the face of challenging market conditions, Andrea has led the effort of effectuating our Plan of Sale, repaying over $1.3 billion of our loan facility in the process and making important strides in streamlining our Company’s operations" said Adam Metz, Board Chairman.","length":424,"tagName":"p"},{"type":"text","content":""Through a turbulent market, we have accomplished so much during my four years at Seritage," said Ms. Olshan. "This was made possible through the combination of the efforts of our dedicated management team and the support of our Board."","length":256,"tagName":"p"},{"type":"text","content":"Mr. Metz has experience in leadership at both public and private real estate businesses as well as deep Board experience as further detailed in the Company’s most recent Proxy Statement. In appointing Mr. Metz as Interim CEO and President, the Board will continue to consider other alternatives for senior leadership, based on the pace of the Plan of Sale and other factors.","length":374,"tagName...