By Samantha Goldberg
WP Glimcher caused a stir this week with its Monday evening announcement that CEO Michael Glimcher has stepped down, also resigning from his positions as vice chairman of the shopping center REIT. Louis Conforti, a current director of the company, will serve as interim CEO.
The Columbus, Ohio-based REIT was formed in 2015 when Washington Prime bought Glimcher Realty Trust for $4.3 billion. As CPE previously reported, when Washington Prime was spun off from Simon Property Group in May 2014, its leaders were looking to acquire and redevelop assets with strong cash flow, seeing those opportunities in acquiring Glimcher Realty.
Glimcher’s resignation marks the end of his family’s almost six-decade leadership of a company that was founded in 1959 by Michael’s father, Herb Glimcher. Michael Glimcher joined the company in 1991; he has held the CEO position since 2005.
Along with the leadership shakeup, the company plans to change its name back to Washington Prime Group Inc. The name change will be discussed at the Aug. 30 shareholders meeting.
Stay with CPE for more in-depth coverage of the leadership changes and their implications.