Kader Resigns as CFO of W. P. Carey and Non-Traded REITs
W. P. Carey Inc. (NYSE: WPC), a publicly traded global net lease real estate investment trust, announced that its chief financial officer, Hisham Kader, is resigning from his position effective October 14, 2016. According to filings with the Securities and Exchange Commission, Kader is also stepping down as CFO of two non-traded REITs sponsored by the firm: Corporate Property Associates 17 and Corporate Property Associates 18. Kader will be relocating to Boston to assume the role as CFO of an unnamed private real estate company.
ToniAnn Sanzone, the company’s chief accounting officer, will serve as interim CFO of W.P. Carey, and CFO of CPA:17 and CPA:18. The company has engaged Korn Ferry in its search for a successor CFO.
Sanzone joined W. P. Carey in April 2013 as global corporate controller. Prior to joining the company, she served as the corporate controller at iStar Financial Inc., where she held various senior accounting positions from 2006 to 2013. Sanzone is a certified public accountant licensed in the states of New York and New Jersey, and graduated magna cum laude with a bachelor’s degree in accounting from Long Island University, C.W. Post (now LIU Post).
“On behalf of the company, I want to thank Hisham for his many contributions to W. P. Carey during his five years with us,” said Mark DeCesaris, W. P. Carey’s chief executive officer. “Hisham is well-liked and respected by everyone throughout the firm and will be missed. I wish him all the best in his new position and look forward to working closely with Toni.”
Kader also serves as CFO of Carey Watermark Investors I and II, two non-traded REITs sponsored by the firm. However, Carey Watermark has not announced who will replace Kader at this time.
W. P. Carey provides long-term sale-leaseback and build-to-suit financing solutions for companies worldwide and has an enterprise value of approximately $11.7 billion. In addition to its owned portfolio of diversified global real estate, the firm manages a series of non-traded publicly registered investment programs with assets under management of approximately $11.7 billion.
