Manulife US Reit manager names new CEO, CFO amid leadership exodus
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Mr William David Gantt III, also known as Tripp, the CEO of the manager of Manulife US Reit, is resigning due to “pressing family needs that require his full time and attention”.
PHOTO: BT FILE
Vivienne Tay
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SINGAPORE – The manager of Manulife US Reit on March 19 said it has appointed Mr John Casasante to the dual role of chief executive officer and chief investment officer (CIO).
He replaces Mr William David Gantt III, also known as Tripp, who is resigning due to “pressing family needs that require his full time and attention”.
The real estate investment trust’s (Reit) manager said in separate bourse filings that deputy CEO Caroline Fong, CIO Patrick Arthur Browne and chief financial officer (CFO) Robert Wong are also stepping down to pursue other opportunities. Their resignations will be effective on June 30.
It has appointed Mr Mushtaque Ali as CFO-designate to replace Mr Wong and to take over Ms Fong’s responsibilities as deputy CEO. He will join the Reit manager, Manulife US Real Estate Management, on April 12.
Mr Ali joins from Manulife Investment Management, where he was head of finance for Singapore and South-east Asia. He has more than 25 years of finance and accounting experience, mainly in the investment management industry, with a focus on private assets and real estate investment management.
Mr Casasante joins from global asset manager DWS, where he was the regional director of real estate asset management alternatives and real estate assets.
He has more than 25 years of commercial real estate experience with DWS, Cushman & Wakefield and Lincoln Property Company.
When he joins the team on April 8, he will lead the manager’s move to dispose of assets according to the Reit’s recapitalisation plan and maximise proceeds to pare down debt and fund capital expenditure.
He will also oversee the Reit’s operations, business and investment strategy. Mr Casasante’s appointment is subject to regulatory approval, the manager said.
“I look forward to making progress on asset dispositions, improving the balance sheet and repositioning the portfolio for long-term growth,” Mr Casasante said.
Units of Manulife US Reit closed 1.75 per cent, or 0.1 US cent, lower at 5.6 US cents on March 19.
