Seritage Growth Properties (SRG) Announces Promotions and Organizational Restructuring

Seritage Growth Properties (NYSE: SRG) today announced that the Company will reorganize its operations following an initial asset-by-asset analysis led by recently appointed Chief Executive Officer and President, Andrea Olshan.

The Company has appointed Mary Rottler as Chief Operating Officer; Andrew Galvin as Chief Investment Officer; Eric Dinenberg as Executive Vice President of Development; and Edouard Cuilhé as Chief Accounting Officer. The Company is also taking further steps to restructure and realign its personnel throughout the organization.

The Company plans to continue its portfolio analysis and finalize plans to optimize the value of its individual property assets through additional leasing to retail tenants, densification of sites, modifications and repurposing for other uses, large-scale redevelopments, partnerships and dispositions. Further details of these portfolio plans will be shared at later dates.

“Having reviewed our business and strategy with a fresh perspective, it was clear that we needed to realign our human capital and streamline our processes to position ourselves to execute on the exciting opportunity set we have at Seritage. To that end, we are proud to recognize the contributions of Andrew, Mary and Eric and welcome Ed to the team. We firmly believe these talented individuals in these expanded roles will be instrumental to executing our value-creation strategies more efficiently and effectively,” stated Ms. Olshan.

Mary Rottler has been named Chief Operating Officer, having previously served as the Executive Vice President of Leasing and Operations since the Company’s inception in 2015. In this role, Ms. Rottler will be responsible for leasing, operations, tenant coordination and retail development. Prior to joining Seritage, Ms. Rottler served as the Vice President of Real Estate at Wal-Mart Stores, Inc.

Andrew Galvin has been named Chief Investment Officer, from his prior role as Executive Vice President of Investments. In this role, Mr. Galvin will be responsible for all transactions, asset management and capital allocation. Prior to joining Seritage, he served as Executive Vice President, Chief Investment Officer at Centennial, a private national retail real estate operator, as well as investment positions at Trademark Property Group, Rouse Properties, and General Growth Properties.

Eric Dinenberg has been named Executive Vice President of Development, from his prior position as Senior Vice President of Development. In this role, Mr. Dinenberg will be responsible for development and construction. Prior to joining Seritage, Mr. Dinenberg served as Executive Vice President of Development and Operations at Brookfield Properties, as well as development positions at Rouse Properties and Vornado Realty Trust.

Edouard Cuilhé has been appointed Chief Accounting Officer. In his role, Mr. Cuilhé will report to the CFO with responsibility for accounting, financial reporting, treasury and tax. Prior to joining Seritage, Mr. Cuilhé served as Senior Vice President, Controller and Corporate Finance at SL Green Realty Corp. as well as in the audit practice at Ernst & Young.

As part of the creation of a streamlined C-Suite, Matthew Fernand, our General Counsel, Executive Vice President and Secretary, will become our Chief Legal Officer. In addition, as part of this transition, Kenneth Lombard, previously the Company’s Chief Operating Officer and Executive Vice President will become a Special Advisor, and James Bry, the Company’s Executive Vice President of Development and Construction, will depart Seritage and we wish James well on his future endeavors.

An 8-K was filed on April 21, 2021 with additional information.

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