Allied Announces Key Elements of Board Renewal and Succession Plan
01 February 2023 - 09:42AM
Allied Properties Real Estate Investment Trust
(“Allied”)(TSX:AP.UN) today announced that it will implement key
elements of its board renewal and succession plan at its next
Annual General Meeting, which is scheduled for May 2, 2023. The key
elements are outlined below:
- Michael Emory,
Allied’s Founder, will step down as President & CEO, become
Executive Chair and contribute to the business on a full-time basis
going forward with primary focus on vision, strategy and
culture;
- Cecilia
Williams, Allied’s Executive Vice President & CFO since 2015,
will be promoted to President & CEO and become a Trustee,
having taken on progressively greater responsibility for the
formation and execution of Allied’s strategy over the past five
years;
- Tom Burns will
step down as Executive Vice President & COO, become a Trustee
and contribute to the business as a part-time consultant going
forward;
- Nanthini
Mahalingam, Allied’s Senior Vice President, Finance and Accounting
since 2021, will be promoted to Senior Vice President &
CFO;
- Jennifer Tory
will become Lead Trustee;
- having served
as Trustee and Chair since Allied’s formation, Gordon Cunningham
will retire at the end of his current term; and
- having served
as Trustee since Allied’s formation and Chair of the Audit
Committee since 2006, Gerald Connor will retire at the end of his
current term.
“The Board established the parameters of this
plan in 2019 and has worked steadily toward implementation since
that time,” said Gordon Cunningham, Chair. “With the remaining key
elements of the plan about to be implemented on schedule, we’re
highly confident in the evolution and development of the Allied
Team and in the team’s ability to manage Allied’s business into the
future.”
About Allied
Allied is a leading operator of distinctive
urban workspace in Canada’s major cities and network-dense UDC
space in Toronto. Allied’s mission is to provide knowledge-based
organizations with workspace and UDC space that is sustainable and
conducive to human wellness, creativity, connectivity and
diversity. Allied’s vision is to make a continuous contribution to
cities and culture that elevates and inspires the humanity in all
people.
Cautionary Statements
This press release may contain forward-looking
statements with respect to (i) Allied, (ii) its operations,
strategy, financial performance and condition and (iii) the
implementation of certain elements of the board renewal and
succession plan contemplated in this press release. These
statements generally can be identified by use of forward looking
words such as “may”, “will”, “expect”, “estimate”, “anticipate”,
“intends”, “believe” or “continue” or the negative thereof or
similar variations. The actual results and performance of Allied
discussed herein could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market conditions, competition, changes in
government regulations and the factors described under “Risk
Factors” in Allied’s Annual Information Form, which is available at
www.sedar.com. These cautionary statements qualify all
forward-looking statements attributable to Allied and persons
acting on Allied’s behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release and the parties have no obligation to update such
statements.
For more information, please
contact:
Michael Emory, President & CEO (416)
977-0643 memory@alliedreit.com
Tom Burns, Executive Vice President &
COO(416) 977-9002tburns@alliedreit.com
Cecilia Williams, Executive Vice President &
CFO(416) 977-9002cwilliams@alliedreit.com
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