- Push-out Score determined
- After about six years in the position
- Accolades, praise, thanks and good wishes for Schall
- Search for a successor
- Schall said 117 words
(exechange) — New York, December 10, 2020 — Ben Schall, chief executive of Seritage, leaves. As announced by Seritage Growth Properties in a news release and in a regulatory filing published on Thursday, December 10, 2020, Benjamin W. (Ben) Schall leaves his post as chief executive officer of the Real Estate Investment Trust after about six years in the role, effective by mid-January 2021.
Seritage will undertake a search for a successor.
Career change
Ben Schall’s departure from the CEO post is explained as follows. Seritage said: “Benjamin W. Schall, the Company’s Chief Executive Officer, President and Trustee is resigning from his role to pursue another opportunity.”
Schall will be President at AvalonBay
AvalonBay Communities announced that Benjamin W. Schall has been appointed President of the Company and will join the Company’s Board of Directors, effective as of a mutually agreeable date on or before February 1, 2021. Additionally, AvalonBay announced that Timothy J. Naughton, the Company’s Chairman, Chief Executive Officer and President, plans to retire as Chief Executive Officer (CEO) at the end of 2021 and that at such time Schall will be appointed as CEO and Naughton will remain on the Board in the position of Executive Chair.
AvalonBay Communities announced the move on Thursday, December 10, 2020.
AvalonBay is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California, as well as in the Company’s expansion markets consisting of Southeast Florida and Denver, Colorado.
“Resignation”
Seritage said: “On December 4, 2020, Benjamin W. Schall, the Chief Executive Officer, President and Trustee of Seritage Growth Properties (the “Company”) notified the Company of his resignation from the Company to pursue another opportunity. Mr. Schall will facilitate the transition of his responsibilities by mid-January 2021.”
“Not the result of any disagreement”
“Mr. Schall’s departure is not the result of any disagreement with the Company on any matter relating to its operations, policies or practices,” Seritage said.
Share price decline since December 2019
The announcement follows a decline in Seritage Growth Properties’s share price of 59% since December 2019.
Chaired by Edward Lampert
Edward Lampert serves as Seritage Growth Properties’s Chairman.
Edward S. Lampert currently serves as the Chairman and Chief Executive Officer of Sears Holdings and the Chairman and Chief Executive Officer of ESL Investments, Inc., which he founded in April 1988.
In the position of CEO since 2015
Ben Schall became CEO of the Company in 2015.
Benjamin Schall is the Chief Executive Officer and President and trustee of Seritage.
Prior to becoming CEO and President, Schall served as Chief Operating Officer of Rouse Properties, Inc. (NYSE: RSE, now private) from 2012 to 2015.
At Rouse, he oversaw the redevelopment and operations of a $2.5 billion portfolio of 35 regional malls, totaling 25 million square feet across the country.
Prior to that, Schall was Senior Vice President with Vornado Realty Trust (NYSE: VNO).
At Vornado, his responsibilities included overseeing Vornado’s suburban retail shopping center business, consisting of 18 million square feet in 140 assets representing value of over $3 billion.
Schall is a Trustee of the International Council of Shopping Centers (ICSC) and a member of Nareit. Schall is Co-Chair of the Board of University Settlement, a non-profit service provider in New York City.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Seritage and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 50.2020 ($).