Seritage Growth Properties said Friday that its board and Andrea Olshan have agreed that she will step down as CEO and president and as a member of the board, effective April 11. The board has appointed board chairman Adam Metz as interim CEO and president.
The decision to transition the CEO role stemmed from the fact that the retail and residential REIT has continued to pursue its shareholder-approved plan of sale and, since the announcement of the company’s review of strategic alternatives in March of 2022, its portfolio has been reduced from approximately 160 assets to 15 assets. As a result, the company’s needs in the CEO role have been reduced, and the parties agreed that the company should change leadership at this time.
“We thank Andrea for her considerable contributions over the last four years and her tireless work on behalf of Seritage and its shareholders,” said Metz.
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