Choice Properties Real Estate Investment Trust (Choice Properties) announced Stephen Johnson, president and chief executive officer, will retire on May 1, 2019.
Johnson will be succeeded by Rael Diamond, the current chief operating officer of Choice Properties.
Johnson has spent approximately 40 years in the real estate industry, including more than two decades leading Canadian Real Estate Investment Trust (CREIT). Johnson and Diamond were appointed to their current roles following Choice Properties‘ acquisition of CREIT in May 2018.
Galen G. Weston, chairman and CEO of George Weston Limited, the majority unitholder of Choice Properties, said in a press release that the real estate investment trust has “benefited from Stephen’s leadership, which was instrumental in cementing the powerful combination of two strong Canadian real estate businesses last year.
“We are grateful for the legacy of Stephen’s vision, deep knowledge, and sound management during his tenure and wish him well. This transition from one of Canada’s finest real estate executives to another keeps Choice Properties on a very strong course.”
Until Johnson’s retirement, he will transition the role of CEO to Diamond, following which he will act as an advisor to Choice Properties for a year.
Diamond brings with him nearly two decades of experience in asset management and real estate operations as a senior executive, including seven years with CREIT and Choice Properties.