STELLARTON, NS, June 30 /CNW/ – Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) announced today that it has appointed Donald E. Clow, FCA as its new President and Chief Executive Officer effective August 6, 2009. Mr. Clow replaces J. Stuart Blair who announced on April 24, 2009 his intention to retire after a career of more than 30 years in the Canadian real estate industry and more than 20 years with Crombie REIT and its predecessors. Mr. Blair's retirement as Crombie's President and Chief Executive Officer, as well as from Crombie's Board of Trustees, will be effective on August 5, 2009.
Mr. Clow brings a wealth of financial and business experience to Crombie REIT, most recently as President, ECL Developments Limited, the real estate development subsidiary of Empire Company Limited. Previous to Empire, he held various executive positions with Southwest Properties Group of Companies in Halifax evolving to the position of President and Chief Operating Officer, a position he held for seven years.
Mr. Clow graduated from Acadia University, Bachelor of Business Administration, and earned his CA designation with KPMG. In addition to leadership programs at the Harvard Business School and the University of Western Ontario Ivey School of Business, he was designated a Fellow Chartered Accountant in 2002.
Frank Sobey, Chairman of the Board, stated that he anticipates a transition period of approximately one month during which time Donnie Clow will work closely with Stuart Blair. On August 6, 2009 Donnie will officially start reporting to the Board of Trustees and assume responsibility for the overall leadership, strategic direction and business performance of Crombie REIT.
Crombie is an open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. The trust invests in income-producing retail, office and mixed-use properties in Canada, with a future growth strategy focused primarily on the acquisition of retail properties. Crombie currently owns a portfolio of 113 commercial properties in seven provinces, comprising approximately 11.2 million square feet of rentable space.
Contact: Scott Ball, C.A., Vice President, Chief Financial Officer and Secretary, Crombie REIT, (902) 755-8100