RioCan Real Estate Investment Trust, one of Canada's largest REITs, has appointed a temporary chief financial officer to fill in for its top finance executive who is taking a leave of absence.
The Toronto-based real estate investment trust that owns a portfolio of necessity-based retail properties, said this week that Franca Smith will take over immediately as its interim CFO while Dennis Blasutti goes on temporary medical leave. RioCan said the appointment of Smith will enable it to provide "continuity of financial leadership."
Smith, who was hired in 2017 as vice president of finance, has served as a RioCan senior vice president since 2022.
Smith will be overseeing RioCan’s financial stewardship, ensuring governance, regulatory compliance and balance sheet discipline, the company said. She also will manage RioCan’s financial reporting and controls, corporate taxation, accounting and internal audit functions.
This marks the second time Smith has served as interim chief financial officer at RioCan, having previously stepped into the position from May to September 2021. The REIT said it has relied on Smith during continuity gaps in the C-level position because she has “deep institutional knowledge and understanding of RioCan’s business and strategy.”
Smith "is a trusted and accomplished leader with deep insight and a proven track record,” RioCan President and CEO Jonathan Gitlin said in a statement.
The REIT said it expects Blasutti to return as CFO position when he’s well enough to do so. He joined RioCan as CFO from Brookfield Asset Management in 2021.
Prior to joining RioCan nine years ago, Smith spent a couple of years as vice president of finance and accounting at Dream Unlimited. From 2008 and 2012, she served as a consultant for Klockendickter after having worked for George Weston Ltd. and Loblaw Companies Ltd.
RioCan's portfolio contains 168 properties and an aggregate net leasable area of roughly 31 million square feet.