Michael Glimcher steps down from the company founded by his father
WP Glimcher announced that CEO and vice chairman Michael Glimcher has resigned from the REIT founded by his father, Herbert. Board member Louis Conforti was named interim CEO at the company slated to be rebranded as the Washington Prime Group.
Several other senior leadership changes were announced, including the replacement of Mark Ordan as board chairman with Robert J. Laikin, who had been the board’s lead independent director. Ordan stays on as a director.
The former Glimcher Realty Trust was acquired in January 2015 by the Washington Prime Group, which pledged to fast-track growth with enhanced cash flow and a more diverse group of assets. Ordan said at the time that WP Glimcher would explore asset sales and look to strengthen its asset base by “strategically acquiring new properties in both enclosed and open air large format shopping centers that have a long term place in their markets.”
In 2008, when the company was saddled with $1.7 billion in debt and its stock was trading below $1, Michael Glimcher staged a turnaround by reducing the REIT’S debt-to-capitalization ratio and focused on acquiring high-end regional malls. Five years later, its shares were trading at $11 and investors reaped an annualized return of 38%, compared to an average of 17.3% on the Bloomberg REIT Large Cap Index.
The 48-year-old Glimcher, who had been his company’s CEO since 2005, maintains a high profile in the industry. He serves on the NAREIT board of governors, the ICSC board of Trustees, and is a member of The Real Estate Roundtable’s international council.