Glimcher named CEO of Starwood
Michael P. Glimcher, who stepped down as the chief executive of WP Glimcher last year, has been named CEO of Starwood Retail Partners. He succeeds Scott Wolstein, who has taken on a new role as senior adviser to the parent company, Starwood Capital Group.
In the recession of 2008, Glimcher staged a turnaround of Glimcher Realty Trust by reducing the REIT’s debt-to-capitalization ratio by focusing on the acquisition of high-end regional malls. Five years later, its investors reaped an annualized return of 38% compared to and industry average return of 17%.
Washington Prime Group acquired Glimcher in 2015 and pledged to grow the company through increased cash flow and acquisition of more diverse assets. A year later, Glimcher, who had joined the company in 1991 and risen up the leasing department ranks to senior VP, left the company.
"Michael has an intense passion for the retail business… and has a deep understanding of what retailers and shoppers are looking for and how we, as landlords, must adapt,” said Mark Deason, head of U.S. asset management for Starwood.
Wolstein led Starwood Retail Partners from its inception in 2012, building it into a significant industry player with a portfolio of 30 malls and lifestyle centers in the U.S.
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