Agree Realty CFO Matt Partridge leaves

  • Push-out Score suggests push-out forces
  • After less than a year and a half on the job
  • Thanks and good wishes for Partridge
  • Ken Howe taking over in the interim
  • Search for a successor

(exechange) — Bloomfield Hills, Michigan, July 07, 2017 — Matt Partridge, finance chief of Agree Realty, leaves. As announced by Agree Realty Corporation in a news release and in a regulatory filing published on Friday, July 07, 2017, Matthew Morris (Matt) Partridge leaves the post as Chief Financial Officer at the real estate investment trust company in a surprising move after less than a year and a half on the job.

No company wants a CFO to flame out in the first years.

The resignation will take effect after a transition period, which is expected to end on or around August 4, 2017.

Agree Realty will undertake a search for a successor.

Partridge’s duties are taken over in the interim by Ken Howe, a former Chief Financial Officer at Agree Realty Corporation.

The move is a reverse generational change. Ken Howe is about 35 years older than Matt Partridge.

Career change

The management change is explained as follows. Agree Realty said: “Matthew Partridge has resigned as Chief Financial Officer and Secretary to accept a position with a privately-held real estate development company.”

Exact details about Partridge’s new position were not immediately available.

“Resignation”

Agree Realty said: “On July 5, 2017, Matthew M. Partridge voluntarily submitted his resignation, effective on or around August 4, 2017, from his positions as Executive Vice President, Chief Financial Officer and Secretary of Agree Realty Corporation.”

Chaired by Richard Agree

Agree Realty Corporation is chaired by Richard Agree.

Richard Agree has been the Executive Chairman of the Board since January 2013. From December 1993 until January 2013, he was the Company’s Chief Executive Officer and Chairman of the Board.

CEO: Joel N. Agree

Joel N. Agree serves as CEO of Agree Realty Corporation. Joel Agree has been the Company’s President and a Director since June 2009. He was appointed as Chief Executive Officer in January 2013, and from June 2009 to that date he served as Chief Operating Officer.

On the job as CFO since 2016

Matthew Morris Partridge has been Chief Financial Officer, Executive Vice President and Secretary at Agree Realty Corporation since January 11, 2016.

Matthew Partridge joined the Company in 2016. Partridge is responsible for overseeing all of the Company’s capital markets, risk management and investor relations.

Prior to joining Agree, Partridge served as Vice President of Finance at Pebblebrook Hotel Trust, as well as holding positions at Phillips Edison & Company focusing on acquisitions and investment management, and at Huron Consulting Group.

Partridge holds a BBA from Eastern Michigan University, and an MBA from Xavier University.

He is a member the International Council of Shopping Centers and the National Association of Real Estate Investment Trusts.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Matt Partridge’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 28.2017 ($).