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Crombie REIT Announces Upcoming Changes to Board of Trustees

NEW GLASGOW, NS , April 4, 2019 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (CRR-UN.TO) announces today upcoming changes to its Board of Trustees.  Frank Sobey , Chair of the Board of Trustees, Brian Johnson and Kent Sobey will retire from the Board of Trustees following Crombie's Annual General Meeting ("AGM") on May 9th, 2019 . In addition, Jason Shannon will stand for Trustee election at the AGM after being an Empire Company Limited ("Empire") appointed Trustee since 2016.   

Crombie's incoming Board Chair will be appointed and announced following the AGM.

Empire has notified Crombie that Jana Sobey will be appointed as a Trustee as of the May 9th, 2019 AGM. Ms. Sobey is currently Vice President of Field Merchandising for Sobeys Inc., a position she has held since 2017. She has held consecutively senior roles at Sobeys in merchandising, marketing, human resources and, most recently, as Vice President of Operations in Western Canada . Ms. Sobey holds a Bachelor of Commerce degree and a Masters of Arts in Consulting & Entrepreneurship and is past Chair of the Grocery Industry Foundation of Atlantic Canada and past Trustee of the Aberdeen Health Foundation Board in New Glasgow, Nova Scotia .

"On behalf of all Crombie stakeholders, I would like to thank Frank Sobey for the many years of tremendous governance and leadership provided to me and to this company," said Donald Clow , President and CEO. "His leadership, vision and knowledge have been instrumental in Crombie's success, and he retires leaving this company stronger and poised for continued growth. Although I know all of us will miss his positive presence in the boardroom and our offices, he has certainly earned this well-deserved retirement, and we wish him all the best." Mr. Clow added, " Brian Johnson and Kent Sobey both joined Crombie's Board 10 years ago, and I'd like to thank them both for their insight, entrepreneurialism, and knowledge. They will be missed. We welcome Jana Sobey's upcoming appointment and look forward to her valuable contributions."

"After 13 years as Chair of Crombie's Board, eight years as Chair of Crombie REIT's predecessor, Crombie Properties Limited, and 40 years of being connected in one way or another with Crombie, I have decided it's time to pass the torch and retire," said Frank Sobey . "It has been an honour, a privilege, and a very rewarding experience for me to be involved in the development and growth of Crombie from a small regional company to the dynamic and exciting national real estate investment trust it is today."

Based on the current size of the Board of Trustees, Empire has the right to appoint five Trustees in addition to the seven Trustees elected by unitholders. As a result of the changes announced today, Empire will retain the right to appoint two Trustees in addition to those currently appointed and those standing for election at the AGM. Crombie currently expects Empire to fill these positions following the AGM once it has identified suitable appointees.

About Crombie REIT

Crombie Real Estate Investment Trust ("Crombie") is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario . Crombie is one of the country's leading national retail property landlords with a strategy to own, operate and develop a portfolio of high quality grocery- and drugstore-anchored shopping centres, freestanding stores and mixed use developments primarily in Canada's top urban and suburban markets. More information about Crombie can be found at www.crombiereit.com.

 

SOURCE Crombie REIT


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