Granite Real Estate Investment Trust recently revealed that Michael Forsayeth, CEO, has decided to retire effective September 30, 2018. Forsayeth will remain in his role as Chief Executive Officer until such time as a successor is appointed, according to a prepared statement, and will remain with Granite through that date to ensure a smooth transition.
Granite’s Board has started a comprehensive search to identify a successor for Forsayeth who will lead the continued thoughtful deployment of Granite’s balance sheet to accelerate the growth and diversification of its investment property portfolio.
Kelly Marshall, chairman of Granite, noted that “Mike joined us in the summer of 2011 and has been instrumental in establishing Granite’s new strategic direction, leading Granite through a successful REIT conversion, and building the foundation to become a diversified global industrial real estate company. Granite was fortunate to have an executive with Mike’s experience and skill to get Granite to where it is today and position it for future growth and diversification. The Board is grateful for his contribution to Granite’s success to date and looks forward to continuing to work with Mike as Granite continues to execute on its business plan while transitioning to new leadership over the next 12 months.”
Michael Forsayeth adds, “Granite’s success has been a team effort and it has been an honor and privilege to work with such an outstanding group of individuals over the last six years. My time at Granite has been one of the most satisfying of my 40 – year career in business.”
He explains that “With the company’s future cash flows significantly de-risked through the extension of Magna leases in the fall of 2016, Granite has the financial flexibility and pathway for accelerated growth and diversification and I believe it’s the appropriate time to hand over the reins to the next CEO to write the next exciting chapter in Granite’s history. I will remain fully committed and engaged in the business until the transition to my successor has been completed.”
Granite is a Canadian-based REIT engaged in the ownership and management of predominantly industrial, warehouse and logistics properties in North America and Europe. Granite owns approximately 30 million square feet in over 90 rental income properties.