This year is bringing a spate of senior management changes at large retail real estate firms. After Charles Ratner has stepped down at Forest City Enterprises and Scott Wolstein has given up his role as executive chairman of Developers Diversified's board of directors, Leo Ullman revealed he will be leaving the post of CEO at Cedar Shopping Centers.
Though the press release doesn't specify the reasons Ullman decided to step down, the real estate industry veteran might simply be at a point where he would like to enjoy retirement. When Retail Traffic interviewed Ullman earlier this year, he mentioned that one of the things he wanted to do was to devote more time to his hobbies, which include serious athletic pursuits. Over the past 18 years, he has participated in the New York City Marathon multiple types, has biked across America and has taken part in the Ironman Triathlon, which includes a 2.4-mile swim, a 112-mile bike ride and a 26-mile run.
Ullman will remain with Cedar as a consultant until the end of September, to help transition in a new CEO, Bruce Schanzer, currently managing director of real estate investment banking with Goldman, Sachs & Co. Schanzer has extensive experience in commercial real estate. He also appears to have advised Cedar's management over the years.
The announcement about Ullman comes just a few days after Cedar also named a new CFO. Phillip R. Mays will succeed Lawrence E. Kreider, as CFO, effective June 13. Kreider will also serve as a consultant to Cedar through the end of the year.
In an official statement, Ullman said the firm was in good hands with Schanzer at the helm.
Cedar is in good hands with our new CEO, Bruce Schanzer, who has been a valued advisor to our Company since before we became a public company more than eight years ago, and I look forward to what Cedar will achieve under his leadership.