Madison Pacific Properties said longtime senior executive Dino Di Marco will succeed John DeLucchi as the Vancouver-based real estate firm's president and CEO after the company reported higher profit for the first half of the year.
Di Marco, who takes over effective Sept. 1, brings a strong knowledge of the company that manages a portfolio of industrial, retail, office and residential properties across Canada, having been its chief financial officer from 2013 to 2021, the publicly traded firm said in its quarterly earnings statement.
Madison Pacific Properties, the owner of 54 properties with about 2 million square feet of industrial and commercial space as of June 30, said for the first six months this year it had net income of $22.4 million. The company, in the process of changing its fiscal calendar, said it had $13.6 million in net income for the first five months last year.
He has held various leadership roles across the Madison Group, which founded and is a major shareholder in Madison Pacific Properties. Di Marco recently served as president and CEO of Madison Industrial Group, a division of the Madison Group.
Di Marco, a chartered professional accountant, has also held leadership positions in the multifamily development and technology sectors.
DeLucchi will continue as chairman of Madison Pacific's board of directors. Prior to joining the Madison Group in April 2020, DeLucchi spent over 35 years at accounting giant PwC, including 21 years as a partner.
He was PwC's managing partner for the B.C. region from 2009 to 2017 and served as board director for PwC Canada from 2018 to 2020.
The company, which also has a 50% interest in eight multifamily properties with a total of 239 units, has investment property holdings valued at $741 million.