December 11, 2020
Seritage Growth Properties said Thursday that president and CEO Benjamin Schall would step down in January 2021 to pursue another opportunity. The Midtown Manhattan-based REIT said Schall’s departure wasn’t the result of any disagreement with the company.
Separately, apartment REIT AvalonBay Communities announced that Schall would become president effective Feb. 1, 2021. In a planned secession, he’ll take over as CEO from Timothy J. Naughton, who plans to retire at the end of next year.
Eddie Lampert, Seritage board chairman, said, “Ben took Seritage from an initial concept, recruited a management team and activated millions of square feet of space over the past five and a half years. We wish Ben well in his next opportunity.”
At AvalonBay, Naughton said that Schall had “successfully driven growth and transformative strategies with his teams over the course of his career.” Prior to joining Seritage in 2015, Schall was COO at Rouse Properties.
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