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Alterra Developments announces appointment of new CFO

Leading GTA real estate developer names Annamalai (Malai) Muthu as the company’s new CFO.

Alterra Developments CFO Malai Muthu

Alterra Group of Companies (Alterra), a leading real estate developer in the Greater Toronto Area, is excited to announce a pivotal leadership transition as part of its strategy for continuous growth and modernization.

After more than 35 years of commendable service, Sharon Gerwitz has passed on the Chief Financial Officer (CFO) role to Annamalai (Malai) Muthu, effective January 1, 2024. Gerwitz will continue with Alterra as Vice President of Finance, assisting Muthu in overseeing the department—a testament to Alterra's commitment to its people.

Alterra's President Stuart Wilson stated, "As we enter the next phase of our growth and evolution now is the right time for Malai Muthu to take charge of our financial and reporting strategies. His exceptional financial acumen and incisive contributions to Alterra over the past year make him the ideal candidate to lead our financial endeavours."

Having joined Alterra in September 2022, Muthu brings nearly two decades of experience in finance and accounting to his new role, along with a deep commitment to best practices in accounting and financial management. He is motivated by the challenges of the development industry and has a keen interest in numbers. Muthu's financial acumen goes beyond traditional accounting, emphasizing risk management, budgeting, and strategic planning.

"I am deeply honoured and thrilled to take on the CFO role at Alterra," said Malai Muthu. "I'm focused on leveraging advanced financial strategies to drive sustainable growth and add value for our stakeholders. I'm eager to build upon the solid foundation laid by Alterra CEO Rob Cooper, Alterra founder Richard Cooper and our President, Stuart Wilson. With the leadership at Alterra driving change, we are poised to continue propelling the company forward."

This leadership change underscores Alterra's dedication to growth and strategic planning. With Gerwitz serving as a mentor within Alterra, the company anticipates a smooth transition and looks forward to its continued prosperity under Muthu's leadership.

For 50 years, Alterra has established a strong reputation for creating legendary communities in Toronto and throughout Ontario. Beginning as a single-family home builder in the Golden Horseshoe region, Alterra evolved into a multi-residential tower and hotel developer and builder that has been shaping the city of Toronto and the Greater Toronto Area. In its initial years, Alterra became the largest single-family home builder in the Hamilton and Halton Regions and spearheaded the development of the acclaimed Meadowlands of Ancaster, a 1000-acre master-planned community. 

Travelling throughout downtown Toronto you’ll find many completed Alterra multi-residential buildings that are changing the city skyline including Wonder in Leslieville, Rush in Queen West, 36 Hazelton in Yorkville, 159 Wellesley East in Cabbagetown and Post House in St. Lawrence Market. Alterra's notable milestones include the conversion of office buildings into residential units, such as the Network Lofts project, which exemplified the company's dedication to enhancing its construction expertise.

With experience in luxury condos such as 321 Davenport, hospitality with the Ace Hotel Toronto and affordable housing with the upcoming 777 Victoria Park, Alterra is renowned for creating spaces and communities that tell a story. In 2022 Alterra built the Ace Hotel Toronto, a property they co-own, marking their first foray into hospitality and bringing a major hotel brand to the city of Toronto. The Ace Hotel Toronto has since won countless design awards and international accolades.  

Working with the City of Toronto and CreateTO, Alterra’s 777 Victoria Park affordable housing project is moving forward in earnest with a target construction date of Q2 2025 delivering over 720 residential apartments, including 256 affordable suites. The development will also deliver a new childcare centre, retail, community space and new publicly accessible open space. 

As an integrated builder-developer, Alterra has a deep understanding of the complex relationship between people and place which is the guiding force behind every decision Alterra makes. Alterra has managed every element from concept to completion on over 53 communities and 30 million sq. ft. of development across the Greater Toronto Area and the Golden Horseshoe region. Across the region, Alterra defines districts, creating inspiring and invigorating condo communities.

Alterra remains committed to its core values of integrity, quality, and community development. The company takes pride in producing homes that are thoughtfully designed, responsibly marketed, and built with the utmost care. With a dedicated team of loyal employees and a focus on maintaining strong relationships with existing partners while pursuing new opportunities, Alterra is poised for further success in the ever-evolving real estate market including larger projects, master-planned sustainable communities and a deeper commitment to design and end-user satisfaction.

Please join Alterra in congratulating Malai Muthu on his new role and wishing him every success as the new CFO of Alterra Group of Companies.

Alterra Developments

Website: Alterra Developments

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