Michael Podboy Resigns from InvenTrust
InvenTrust Properties Corp, a publicly registered non-traded real estate investment trust, announced that Michael Podboy plans to resign as executive vice president, chief financial officer, chief investment officer and treasurer to pursue other opportunities outside the company.
InvenTrust Properties Corp, a publicly registered non-traded real estate investment trust, announced that Michael Podboy plans to resign as executive vice president, chief financial officer, chief investment officer and treasurer to pursue other opportunities outside the company. Effective immediately, Adam Jaworski, InvenTrust’s senior vice president and chief accounting officer, will assume the role of the interim principal financial officer.
“Michael has made numerous contributions to InvenTrust over the course of his career and has been instrumental in furthering our strategy and shaping our asset base and balance sheet,” said Thomas McGuinness, president and CEO of InvenTrust. “On behalf of the board and management team, I thank Michael for his leadership over the past 11 years and wish him well in his future endeavors.”
InvenTrust has initiated a search for a new CFO and will retain an executive search firm to assist with that process. The company also noted that Podboy’s departure is not based on any disagreement with the company or the board.
In other InvenTrust news, Amanda Black, the managing director and regional portfolio manager of Northwood Securities, was recently appointed to the company’s board as a member of the audit committee. Additionally, Christy David was promoted from senior vice president, general counsel, and secretary to executive vice president, general counsel, and corporate secretary.
InvenTrust Properties Corp. is a pure-play retail company with a focus on acquiring grocery-anchored open-air centers in key growth markets with favorable demographics. This disciplined acquisition strategy, along with our innovative and collaborative property management approach, ensures the success of both our tenants and business partners and drives net operating income growth for the Company. InvenTrust became a self-managed REIT in 2014 and a GRESB member in 2018. As of June 30, 2018, the company is an owner and manager of 78 retail properties, representing 13.9 million square feet of retail space.
InvenTrust Properties, formerly known as Inland American Real Estate Trust, focuses on open air retail centers in growth markets. The offering was declared effective in August 2005 and closed in April 2009 after raising $8.4 billion, according to Summit Investment Research. The company became a self-managed REIT in 2014 and oversees a $3.7 billion portfolio of 78 retail properties, as of the second quarter of 2018.
