InvenTrust Properties Corp., a publicly registered non-traded real estate investment trust, announced that Thomas McGuinness, president and chief executive officer, will be retiring from the company, and the board has approved a succession plan for the REIT’s executive team.
Daniel (DJ) Busch was appointed as president, effective February 22, 2021, and he will succeed McGuinness as CEO upon his retirement on August 6, 2021. He will continue to serve as chief financial officer and treasurer until August 6, 2021.
McGuinness will run for reelection for the InvenTrust board in May 2021, and if reelected, will continue to serve out his term through May 2022. He will assume an advisory role through May 2022.
The board also appointed Christy David to chief operating officer effective February 22, 2021, and Mike Phillips to chief financial officer and treasurer effective August 6, 2021.
Prior to the new appointments, David served as InvenTrust’s chief investment officer, general counsel and corporate secretary, while Phillips served as senior vice president and chief accounting officer of InvenTrust.
“It has been a privilege to lead InvenTrust and to work alongside the board of directors and the talented InvenTrust team,” said McGuinness. “With a strong foundation in place, I believe now is the right time to transition the CEO role and DJ is the right person to guide InvenTrust forward through the company’s next stage of our life cycle.”
Prior to joining InvenTrust in September 2019, Busch served as managing director of retail at Green Street Advisors, an independent research and advisory firm for commercial real estate industry in North America and Europe, where he conducted independent research on the shopping center, regional mall, and net lease sectors.
Previously, he served as an equity research analyst at Telsey Advisory Group and worked in a corporate capacity at Petco Animal Supplies Inc. He is a member of the Urban Land Institute, contributing as an active member on the Commercial and Retail Development Council.
Busch holds a bachelor’s degree in applied economics and management from Cornell University and an MBA with specializations in general finance, financial instruments and markets from New York University.
InvenTrust Properties, formerly known as Inland American Real Estate Trust, invests in grocery-anchored open-air centers in the Sun Belt region of the U.S. The offering launched in August 2005, became a self-managed REIT in 2014, and oversees a multi-billion-dollar portfolio of 65 retail properties, representing 10.8 million square feet of retail space, as of September 30, 2020.