Washington Prime Group Inc (NYSE:WPG) has announced that it has carried out some changes in its management in line with keeping up with some of its recent strategic transactions.
The firm revealed that Butch Knerr was stepping down from his position as the Chief Operating Officer and Executive Vice President of Washington Prime Group. His stepping down was announced by the company’s CEO, Lou Conforti who is also a director at the firm. The CEO expressed gratitude to Knerr on behalf of the company for the time he dedicated to his work as well as his contributions.
“We appreciate all of Butch’s previous and transitioning efforts especially as it relates to his assistance in developing an infrastructure whereby we are able to seamlessly promote those who are ready, willing and able to expand their leadership roles,” stated Conforti.
Conforti also announced other executive changes. Greg Zimmerman has been promoted as the new executive VP of development and Paul Ajdaharian is the new executive VP of Open Air Leasing. Josh Lindimore will be the new head of leasing while Armand Mastropietro will be the new executive VP of property management. there were a few more promotions and the company stated that these changes highlight the company’s commitment towards achieving more efficiency as well as serving its customers better.
The CEO also announced some of the financial activities and strategic transactions that constitute its capital allocation and portfolio construction strategy. According to Conforti, the Tier 2 portfolio of the firm consists of various assets that are overleveraged and also exhibit some characteristics that are similar to those of Tier 1 assets. He also added that Washington Prime Group is also opportunistic about the discounted mortgage loan by Mesa Mall.
If Messa Mall, Southern Hills Mall and Cottonwood Mall end up being considered as Tier 1 assets, then the Tier 2 assets will only contribute roughly 15 percent of its operating income. The CEO also pointed out that his company has sorted out the mortgage debt maturities of 2017 and its unencumbered properties are currently generating almost $316 million in operating income.
Washington Prime Group Stock closed the latest trading session on Wednesday at $8.30.