Seritage Growth Properties (NYSE: SRG), a New York City-headquartered owner and developer of retail, residential and mixed-use properties, announced that Andrea Olshan will step down as president, CEO and board member as of April 11.
“The decision to transition the CEO role was based on the fact that the company has continued to pursue its shareholder approved Plan of Sale and that, since the announcement of the company’s review of strategic alternatives in March of 2022, the company’s portfolio has been reduced from approximately 160 assets to 15 assets,” said Seritage in a statement. “As a result, the company’s needs in the CEO role have been reduced, and the parties agreed that the company should change leadership at this time.”
Board Chairman Adam Metz, an independent member of the board since 2022, will serve as interim CEO and president also effective as of April 11.
Olshan served in the Seritage leadership role since March 2021. She was previously CEO of Olshan Properties, which was founded in 1967 by her father Morton Olshan as Mall Properties Inc.
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