First Capital Realty Inc. has named Adam Paul as president, chief executive officer and a member of its board of directors to succeed longstanding CEO Dori Segal in the first quarter of next year.
Paul has announced his resignation as executive vice-president of investments and leasing for Canadian Real Estate Investment Trust (CREIT), (REF.UN-T) where he had direct responsibility for real estate investment activities across Canada, including acquisitions, dispositions and development activities, as well as CREIT’s leasing program.
Paul also played a key role in CREIT’s investor relations activities and various other aspects of the business. His official departure date from CREIT will allow for an orderly transfer of his responsibilities at CREIT which owns 1,886,801 square metres (20,964,454 square feet) of retail, industrial and office property across Canada and a 15,929-square-metre (176,990-square-foot) retail property in Chicago.
“The board unanimously selected Adam as a proven leader to succeed Dori and to take the company to the next level,” said First Capital Realty (FCR-T) board chair Chaim Katzman. “Adam is a strong and seasoned executive who has a solid record of delivering strong financial and operating results in the highly competitive Canadian commercial real estate market. His wealth of experience in commercial real estate is a great fit for the company and its future opportunities and challenges.
“At the same time, on behalf of the entire board, I would like to express my sincere congratulations and thanks to Dori for his remarkable achievement in building First Capital Realty over the last 15 years into one of Canada’s most respected real estate entities. We are pleased that Dori will remain involved as executive vice-chairman of the board and we thank him for his continuing leadership in this regard.”
“Together with our strong, talented and driven management team, I have had a great run building First Capital Realty into Canada’s leading urban retail-centred real estate company,” said Segal. “The board and I feel that the company is at a stage of its development where new leadership will energize and fuel its continuing success. We are confident that Adam is ideally suited to take over from me and lead First Capital Realty to achieve our long-term performance and business objectives.”
Innovative culture at First Capital Realty
“First Capital’s high-quality portfolio, operating and development platform, as well as the innovative culture that Dori has established over the last 15 years, position the company very well for continued success,” said Paul. “Together with the skilled senior management team, I eagerly look forward to executing First Capital’s business strategy and I thank the board for the opportunity to lead the company in its next growth phase.
“I would also like to express my sincere gratitude to CREIT’s CEO, Stephen Johnson, for the mentorship he has provided me over the last decade.”
“On behalf of everyone at CREIT, I want to thank Adam for his tremendous contributions over the past 10 years,” said Johnson. “We all wish him well as he embarks on the next stage of his career.”
Segal and Paul will work closely with First Capital Realty’s executive team to ensure a smooth transition while Segal becomes executive vice-chair of the board and chair of the executive committee of the board.
After the initial transition period, Segal intends to devote more time to his role as vice-chair of First Capital Realty’s principal shareholder, Gazit-Globe Ltd., and its global business. Segal is also: chair of Gazit America Inc.; president and director of Gazit Israel Ltd.; vice-chair and director of Equity One Inc.; and a director of Citycon OYJ and ProMed U.S. He’s the former chair of the Real Property Association of Canada.
About First Capital Realty
First Capital Realty is one of Canada’s leading owners, developers and managers of urban retail-centred properties. It owns interests in 162 properties totalling approximately 2.21 million square metres (24.5 million square feet) of gross leasable area and has 198,000 square metres (2.2 million square feet) of active and potential future development. Its primary tenants include supermarkets, drugstores, banks, liquor stores, national discount retailers, quick service restaurants, fitness and medical facilities, and other personal service providers.
The company’s total enterprise value was $7.9 billion on June 30.