- Push-out Score determined
- After almost 12 years in the position
- Accolades, praise and thanks for Plavin
- Katie Keenan taking over
- Plavin will remain as key member of the Blackstone Real Estate Debt Strategies leadership team
- Plavin said 63 words
(exechange) — New York, May 19, 2021 — Steve Plavin, chief executive of Blackstone Mortgage, leaves his position. As announced by Blackstone Mortgage Trust Inc. in a news release and in a regulatory filing published on Wednesday, May 19, 2021, Stephen D. (Steve) Plavin leaves his post as chief executive officer at the real estate finance company after almost 12 years in the role, effective June 30, 2021.
Steve Plavin’s duties as CEO will be taken over by Katharine A. (Katie) Keenan, currently President at Blackstone Mortgage Trust Inc.
It is a generational change as well. Katie Keenan is about 25 years younger than Steve Plavin.
“Culmination of a multi-year transition plan”
Steve Plavin’s departure from the CEO post is explained as follows. Blackstone Mortgage said: “This announcement marks the culmination of a multi-year transition plan.”
Plavin will remain as key member of the Blackstone Real Estate Debt Strategies leadership team
“Katie Keenan, BXMT’s President, has been named Chief Executive Officer of BXMT, effective June 30, 2021. She will succeed Steve Plavin, who remains a key member of the Blackstone Real Estate Debt Strategies leadership team and will oversee BREDS’ best-in-class European platform,” Blackstone Mortgage said.
“Resignation”
Blackstone Mortgage said: “Ms. Keenan’s appointment coincides with the resignation, effective June 30, 2021, of Stephen D. Plavin as Chief Executive Officer and a director of the Company. Mr. Plavin remains a senior managing director and key member of the BREDS leadership team and will oversee BREDS’ European platform.”
Share price increase since May 2016
The announcement follows an increase in Blackstone Mortgage Trust Inc.’s share price of 14% since May 2016.
Chaired by Michael B. Nash
Michael B. Nash serves as Blackstone Mortgage Trust Inc.’s Executive Chairman.
Michael B. Nash has been a director since 2012 and is the Executive Chairman of the board of directors. Nash is a senior managing director of the Real Estate Debt Strategies group (“BREDS”) at The Blackstone Group Inc. (“Blackstone”), and the co-founder and chairman of BREDS.
In the position of CEO since 2009
Steve Plavin became CEO of the Company in 2009.
Stephen D. Plavin has served as one of the Company’s directors and as the Company’s Chief Executive Officer since December 2009, and as the Company’s President from December 2009 to February 2020.
Plavin is also a senior managing director of BREDS and a member of the Real Estate Investment Committee for both BREDS and Blackstone Real Estate Advisors.
Before joining Blackstone, Plavin was the chief executive officer of Capital Trust, Inc. (“Capital Trust”) and CT Investment Management Co., LLC (“CT Investment Management Co.”), a commercial real estate debt investment manager and rated special servicer that was wholly owned by Capital Trust and acquired by Blackstone in December 2012.
Prior to joining Capital Trust in 1998, Plavin was co-head of Global Real Estate for The Chase Manhattan Bank and Chase Securities Inc.
Plavin received a B.A. in English from Tufts University and an M.B.A. from the J.L. Kellogg Graduate School of Management at Northwestern University.
Plavin is a member of the board of directors of Omega Healthcare Investors, Inc. (NYSE: OHI) and served on the board of directors of WCI Communities, Inc. (NYSE: WCIC) from 2009 to 2017.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Steve Plavin’s move on a scale of 0 to 10.
exechange reached out to Blackstone Mortgage and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 21.2021 ($).