Crombie REIT, a Nova Scotia retail landlord that counts Sobeys as one of its largest tenants, said its chief financial officer is taking a job with its largest shareholder.
The real estate investment trust, which has 294 properties containing approximately 18.7 million square feet, said Clinton Keay will resign as the REIT's CFO effective Feb. 23 and will move to Empire Company Ltd. as senior vice president of corporate finance.
Empire, which owns grocery operator Sobeys, spun its publicly traded real estate holdings into Crombie REIT in 2006 and remains its biggest shareholder.
"Since joining Crombie in 2019, Clinton has made important contributions to the growth and success of the REIT, as reflected by our financial strength and best-in-class balance sheet," Crombie President and CEO Mark Holly said in a statement. "We are fortunate to have deep bench strength within our finance function."
Kara Cameron, currently vice president of accounting and financial reporting at Crombie, will act as interim CFO while the REIT searches for a permanent replacement. She is a chartered professional accountant with almost 20 years of experience in financial leadership roles, including five years at Crombie.
"Kara will be stepping into the Interim CFO role to facilitate a seamless transition while we complete the process of selecting a permanent CFO," said Holly.