- Push-out Score determined
- After 16 years in the position
- Dave Holeman taking over
(exechange) — Houston, Texas, January 19, 2022 — This news came shortly after Martin Luther King Jr. Day. James Mastandrea, chief executive of Whitestone, leaves. As announced by Whitestone REIT in a news release published on Tuesday, January 18, 2022, and in a regulatory filing published on Wednesday, January 19, 2022, James C. Mastandrea leaves his post as chief executive officer at the shopping center REIT, after 16 years in the role, effective immediately.
It is the end of an era.
James Mastandrea’s duties as CEO will be taken over by David K. (Dave) Holeman, most recently Chief Financial Officer at Whitestone REIT.
It is a generational change as well. Dave Holeman is about 20 years younger than James Mastandrea.
“Conduct to be in violation of his employment agreement”
James Mastandrea’s departure from the CEO post is explained as follows. Whitestone said: “The Board’s decision was made following an independent internal investigation, which found Mr. Mastandrea’s conduct to be in violation of his employment agreement and inconsistent with Company standards and the responsibilities of the CEO. Mr. Mastandrea’s termination is not related to Whitestone’s operating performance, financial condition, or financial reporting.”
Precise information regarding James Mastandrea’s future plans was not immediately available.
“Terminate”
Whitestone said: “Mr. Holeman’s appointment follows the Board’s decision to terminate James Mastandrea’s employment as the Company’s Chief Executive Officer for cause, effective immediately.”
Whitestone further said: “On January 18, 2022 (the “Termination Date”), the Board of Trustees (the “Board”) of Whitestone REIT (the “Company”) terminated, with cause, James Mastandrea from his position as Chief Executive Officer of the Company. Mr. Mastandrea continues to serve as a Trustee of the Company.”
Share price decline since January 2017
The announcement follows a decline in Whitestone REIT’s share price of 29% since January 2017.
In the position of CEO since 2006
James Mastandrea became CEO of the Company in 2006.
Mastandrea was also removed as Chairman of the Board following his termination for cause, and David Taylor, an independent Trustee, was appointed Chairman of the Board.
Mastandrea has 30+ years of experience in the real estate industry and 20+ years of experience serving in high level positions of publicly traded companies.
He has served as the Company’s Chairman and Chief Executive Officer since 2006.
He also served since 2003 as the President, Chief Executive Officer and Chairman of Pillarstone Capital REIT (OTC Bulletin Board).
Mastandrea has also served since 1978 as the Chief Executive Officer/Founder of MDC Realty Corporation, a privately held investment company.
From 1994 to 1998, Mastandrea served as Chairman and Chief Executive Officer of First Union Real Estate Investments (NYSE).
Mastandrea also served in the U.S. Army.
Mastandrea is a director of Cleveland State University Foundation Board and regularly lectures to MBA students at the University of Chicago and teaches as an adjunct professor at Rice University’s Jones Graduate School of Business.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding James Mastandrea’s move on a scale of 0 to 10.
exechange reached out to Whitestone and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 4.2022 ($).